华统股份(002840) - 2020 Q1 - 季度财报

Important Notice The Board of Directors, Supervisory Board, and all senior management ensure the truthfulness, accuracy, and completeness of this quarterly report and assume corresponding legal responsibilities - The company's Board of Directors, Supervisory Board, and all senior management ensure the truthfulness, accuracy, and completeness of this quarterly report and assume corresponding legal responsibilities. All directors attended the board meeting to review this quarterly report[5][6] - The company's Person in Charge Zhu Jianjun, Chief Accountant Zhou Xihua, and Head of Accounting Department Wan Xueqin guarantee the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[6] Company Overview Key Accounting Data and Financial Indicators In Q1 2020, revenue grew by 59.69% due to product price increases, while net profit attributable to shareholders decreased by 6.93%, and operating cash flow turned positive with a 539.44% increase Key Financial Performance Indicators (CNY) | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,133,364,385.64 | 1,335,971,748.29 | 59.69% | | Net Profit Attributable to Shareholders | 44,170,677.39 | 47,460,097.13 | -6.93% | | Net Cash Flow from Operating Activities | 119,229,313.63 | -27,131,947.49 | 539.44% | | Basic Earnings Per Share (CNY/share) | 0.16 | 0.18 | -11.11% | | Weighted Average Return on Net Assets | 2.90% | 3.59% | -0.69% | | Indicator | Period-End | Prior Year-End | YoY Change | | Total Assets | 3,526,187,535.98 | 3,062,145,607.23 | 15.15% | | Net Assets Attributable to Shareholders | 1,547,403,811.29 | 1,484,179,908.87 | 4.26% | - Non-recurring gains and losses totaled 5.85 million CNY, primarily comprising government grants of 10.30 million CNY recognized in current profit and loss[9] Shareholder Information As of the reporting period end, the company had 11,614 common shareholders, with controlling shareholder Huatong Group Co., Ltd. holding 41.46% of shares, some of which are pledged - As of the end of the reporting period, the total number of common shareholders was 11,614[13] Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Nature | Holding Percentage | Number of Shares Held | Pledge or Freeze Status | | :--- | :--- | :--- | :--- | :--- | | Huatong Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 41.46% | 115,000,378 | Pledged 78,000,000 | | Jiatong Enterprise Co., Ltd. | Overseas Legal Person | 9.08% | 25,191,253 | Pledged 10,000,000 | | Wenshi (Shenzhen) Equity Investment Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 3.23% | 8,962,331 | - | | Yiwu Huachen Investment Consulting Co., Ltd. | Domestic Non-State-Owned Legal Person | 2.86% | 7,945,632 | - | - The controlling shareholder is Huatong Group Co., Ltd., and the actual controllers are brothers Zhu Jianyong and Zhu Jianjun[16] - Yiwu Huachen Investment Consulting Co., Ltd. is a controlled subsidiary of Huatong Group, and Conti Feed (China) Co., Ltd. and Conti Feed Additives (Beijing) Co., Ltd. are wholly-owned subsidiaries of Continental Capital Co., Ltd., indicating an associated relationship[16] Significant Matters Analysis of Key Financial Data Changes During the reporting period, significant changes occurred in multiple financial indicators, including substantial increases in revenue and costs, a 96.64% rise in administrative expenses, and a 141.25% increase in financial expenses, while cash flow from operating and financing activities significantly improved Balance Sheet Item Changes | Balance Sheet Item | YoY Change | Reason for Change | | :--- | :--- | :--- | | Monetary Funds | 105.55% | Primarily due to increased bank loans for standby use | | Accounts Receivable | 75.84% | Primarily due to the year-end settlement model for accounts receivable | | Productive Biological Assets | -75.95% | Primarily due to the sale of breeding pigs | | Short-term Borrowings | 36.82% | Primarily due to increased bank loans in the current period | Income Statement Item Changes | Income Statement Item | YoY Change | Reason for Change | | :--- | :--- | :--- | | Operating Revenue | 59.69% | Primarily due to increased product sales prices | | Operating Cost | 61.73% | Primarily due to increased raw material procurement prices | | Administrative Expenses | 96.64% | Primarily due to increased equity incentive expenses | | Financial Expenses | 141.25% | Primarily due to increased bank loan interest | | Non-operating Income | 803.85% | Primarily due to agricultural insurance claims received | | Non-operating Expenses | 929.85% | Primarily due to public welfare donations | Cash Flow Statement Item Changes | Cash Flow Statement Item | YoY Change | Reason for Change | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 539.44% | Primarily due to a significant increase in inventory in the prior period | | Net Cash Flow from Financing Activities | 252.56% | Primarily due to increased bank loans in the current period | Progress of Significant Matters The company continues to advance its full industrial chain layout for live pigs, with multiple projects under construction or planning, including strategic partnerships and new subsidiary establishments to expand its breeding business - The company's live pig breeding projects in Xianju, Qujiang, Lishui, and Lanxi are still under construction[28][30] - Subsidiaries in Xianju and Lanxi have introduced Zhejiang Provincial Agricultural Investment Development Fund Co., Ltd. as a new shareholder and completed capital increases[28][30] - Strategic cooperation with Wens Foodstuff Group Co., Ltd. has progressed, with the establishment of a joint venture, "Zhejiang Wens Huatong Animal Husbandry Co., Ltd.," for live pig breeding operations[30] - The company is actively expanding new projects, signing cooperation agreements with local governments in Lishu County, Dongyang City, and Tiantai County, and establishing several new controlled or wholly-owned subsidiaries to conduct live pig breeding business in Jiande, Yiwu, Xiangshan, and Pujiang, with most projects currently in the planning stage[30][34] Other Significant Matters During the reporting period, the company had no share repurchases, securities investments, entrusted wealth management, derivative investments, irregular external guarantees, or non-operating fund occupation by controlling shareholders - During the reporting period, the company had no share repurchases, securities investments, entrusted wealth management, or derivative investments[33][35][36][38] - The company had no overdue unfulfilled commitments, irregular external guarantees, or non-operating fund occupation by the controlling shareholder and its related parties[34][39][40] - No reception of research, communication, or interview activities occurred during the reporting period[41] Financial Statements Consolidated Financial Statements As of March 31, 2020, the company's consolidated total assets were 3.53 billion CNY, total liabilities 1.64 billion CNY, with Q1 2020 operating revenue of 2.13 billion CNY and net profit attributable to parent of 44.17 million CNY Consolidated Balance Sheet As of March 31, 2020, the company's total consolidated assets were 3.53 billion CNY, a 15.15% increase from the beginning of the period, with total liabilities of 1.64 billion CNY and total equity attributable to parent company owners of 1.55 billion CNY Consolidated Balance Sheet (CNY) | Item | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Total Assets | 3,526,187,535.98 | 3,062,145,607.23 | | Total Liabilities | 1,642,116,956.05 | 1,375,248,159.17 | | Total Equity Attributable to Parent Company Owners | 1,547,403,811.29 | 1,484,179,908.87 | | Total Liabilities and Owners' Equity | 3,526,187,535.98 | 3,062,145,607.23 | Consolidated Income Statement In Q1 2020, the company achieved total operating revenue of 2.13 billion CNY, a 59.69% increase year-over-year, with total operating costs of 2.08 billion CNY and net profit attributable to parent company owners of 44.17 million CNY Consolidated Income Statement (CNY) | Item | Current Period | Prior Period | | :--- | :--- | :--- | | I. Total Operating Revenue | 2,133,364,385.64 | 1,335,971,748.29 | | II. Total Operating Cost | 2,079,114,670.21 | 1,285,327,751.85 | | III. Operating Profit | 63,727,152.13 | 59,998,320.67 | | IV. Total Profit | 62,245,134.74 | 59,865,778.05 | | Net Profit Attributable to Parent Company Owners | 44,170,677.39 | 47,460,097.13 | | Basic Earnings Per Share | 0.16 | 0.18 | Consolidated Cash Flow Statement In Q1 2020, net cash flow from operating activities significantly improved to 119.23 million CNY, while net cash outflow from investing activities was 150.18 million CNY, and net cash inflow from financing activities was 396.57 million CNY Consolidated Cash Flow Statement (CNY) | Item | Current Period | Prior Period | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 119,229,313.63 | -27,131,947.49 | | Net Cash Flow from Investing Activities | -150,177,379.31 | -144,350,686.73 | | Net Cash Flow from Financing Activities | 396,571,256.51 | 112,483,891.62 | | Net Increase in Cash and Cash Equivalents | 365,623,190.83 | -58,998,742.61 | | Cash and Cash Equivalents at Period-End | 711,884,799.00 | 265,293,720.09 | Parent Company Financial Statements At the parent company level, as of March 31, 2020, total assets were 2.28 billion CNY, with Q1 2020 operating revenue of 636.45 million CNY and net profit of 24.09 million CNY Parent Company Balance Sheet As of March 31, 2020, the parent company's total assets were 2.28 billion CNY, total liabilities 1.03 billion CNY, and total owner's equity 1.25 billion CNY, with significant long-term equity investments and other receivables Parent Company Balance Sheet (CNY) | Item | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Total Assets | 2,276,148,041.62 | 1,971,326,843.31 | | Total Liabilities | 1,028,847,062.48 | 768,428,133.69 | | Total Owners' Equity | 1,247,300,979.14 | 1,202,898,709.62 | | Total Liabilities and Owners' Equity | 2,276,148,041.62 | 1,971,326,843.31 | Parent Company Income Statement In Q1 2020, the parent company's operating revenue reached 636.45 million CNY, more than doubling year-over-year, with a net profit of 24.09 million CNY, significantly influenced by investment income of 23.98 million CNY Parent Company Income Statement (CNY) | Item | Current Period | Prior Period | | :--- | :--- | :--- | | I. Operating Revenue | 636,449,663.06 | 309,346,030.31 | | Investment Income | 23,976,975.13 | 0.00 | | II. Operating Profit | 26,087,753.96 | 19,757,562.34 | | IV. Net Profit | 24,087,592.02 | 19,734,301.98 | Parent Company Cash Flow Statement In Q1 2020, the parent company's net cash flow from operating activities turned positive at 38.50 million CNY, with net cash outflow from investing activities of 127.56 million CNY and net cash inflow from financing activities of 251.85 million CNY Parent Company Cash Flow Statement (CNY) | Item | Current Period | Prior Period | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 38,497,945.22 | -44,745,264.47 | | Net Cash Flow from Investing Activities | -127,562,494.41 | -92,893,641.81 | | Net Cash Flow from Financing Activities | 251,846,654.28 | 161,069,819.76 | | Net Increase in Cash and Cash Equivalents | 162,782,105.09 | 23,430,913.47 | | Cash and Cash Equivalents at Period-End | 255,466,838.20 | 134,425,039.86 | Financial Statement Adjustments and Audit The company did not adjust its opening financial statements due to the first-time adoption of new revenue or lease standards in the current reporting period, and this quarterly financial report is unaudited - The company did not adjust its opening financial statements due to the first-time adoption of new revenue or lease standards starting from 2020[89][91] - The company's Q1 2020 report is unaudited[91]