硅宝科技(300019) - 2020 Q1 - 季度财报

Important Notice This section confirms the management's assurance of the report's accuracy and completeness, along with their legal responsibility Board of Directors' Statement The company's Board of Directors, Supervisory Board, and senior management ensure the truthfulness, accuracy, and completeness of this quarterly report, assuming legal responsibility for its content - Company management guarantees the truthfulness, accuracy, and completeness of this report and assumes legal responsibility[4] - Company head Wang Youzhi, accounting supervisor Li Song, and accounting department head Du Xiaofang all declare the truthfulness, accuracy, and completeness of the financial statements[5] Company Basic Information This section provides an overview of the company's key financial performance indicators and shareholder structure for the reporting period Key Accounting Data and Financial Indicators In Q1 2020, the company's performance declined due to the pandemic, with total operating revenue at 155.87 million Yuan, down 13.75% YoY, and net profit attributable to shareholders at 10.39 million Yuan, down 27.44% YoY, while net cash flow from operating activities improved by 24.38% to -26.38 million Yuan Key Financial Indicators for Q1 2020 | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue (Yuan) | 155,866,782.36 | 180,711,493.39 | -13.75% | | Net Profit Attributable to Shareholders (Yuan) | 10,391,770.31 | 14,320,917.57 | -27.44% | | Net Profit Attributable to Shareholders, Excl. Non-recurring Items (Yuan) | 9,134,847.25 | 13,638,622.42 | -33.02% | | Net Cash Flow from Operating Activities (Yuan) | -26,384,375.99 | -34,888,922.17 | 24.38% | | Basic Earnings Per Share (Yuan/share) | 0.0314 | 0.0433 | -27.48% | | Weighted Average Return on Net Assets | 1.16% | 1.87% | -0.71% | | Total Assets (Yuan) | 1,167,639,421.34 | 1,146,747,113.27 | 1.82% (Compared to end of prior year) | | Net Assets Attributable to Shareholders (Yuan) | 902,403,462.63 | 891,522,092.22 | 1.22% (Compared to end of prior year) | - During the reporting period, total non-recurring gains and losses amounted to 1.26 million Yuan, primarily from government grants[9] Shareholder Information As of the end of the reporting period, the company had 19,405 common shareholders, with Sichuan Development Leading Capital Management Co., Ltd., Guo Dimin, and Wang Youzhi as the top three, and some shareholders having related party or concerted party relationships - As of the end of the reporting period, the company had a total of 19,405 common shareholders[14] Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Type | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | :--- | | Sichuan Development Leading Capital Management Co., Ltd. | State-owned Legal Entity | 17.80% | 58,915,416 | | Guo Dimin | Domestic Individual | 13.18% | 43,605,472 | | Wang Youzhi | Domestic Individual | 9.62% | 31,835,825 | | Yang Limei | Domestic Individual | 9.30% | 30,771,360 | | Shenwan Hongyuan-Leading Capital No.1 Major Shareholder Increase Single Asset Management Plan | Other | 4.90% | 16,223,144 | | Cai Xianzhong | Domestic Individual | 3.67% | 12,160,000 | | Wang Youhua | Domestic Individual | 3.55% | 11,751,300 | | Li Buchun | Domestic Individual | 3.35% | 11,100,000 | | Huaxia CSI Sichuan State-owned Enterprise Reform ETF | Other | 0.53% | 1,762,800 | | Ding Wei | Domestic Individual | 0.39% | 1,283,850 | - Shareholders Wang Youzhi and Guo Dimin are concerted parties, Sichuan Development Leading Capital Management Co., Ltd. holds shares through direct holdings and asset management plans, and some shareholders have familial relationships[17] Significant Matters This section details major changes in financial data, business operations, ongoing significant events, and the fulfillment of commitments during the reporting period Significant Changes in Key Financial Data and Reasons During the reporting period, the company experienced significant changes in financial indicators, including increased cash due to bank loans, decreased notes receivable due to settlement changes, increased short-term borrowings, and reduced operating revenue, costs, and selling expenses due to the pandemic - Balance Sheet item changes: Cash and cash equivalents increased by 35.03% due to bank loans, notes receivable decreased by 54.25% due to increased acceptance bill settlements, inventories increased by 22.27% due to higher raw material stocking, and short-term borrowings increased by 915.54% due to bank loans[25] - Income Statement item changes: Operating revenue decreased by 13.75% YoY due to the pandemic, operating cost decreased by 11.42% YoY in line with revenue, and selling expenses decreased by 34.80% YoY due to reduced shipping volume[25] - Cash Flow Statement item changes: Net cash flow from operating activities increased by 8.50 million Yuan YoY due to higher cash receipts from goods, and net cash flow from financing activities increased by 89.94 million Yuan YoY primarily due to bank loans[25][27] Business Review and Outlook In Q1 2020, the company's performance declined YoY due to COVID-19 and delayed construction starts, but sales have normalized with sufficient orders, and the company has identified macroeconomic and raw material price fluctuations as key risks, implementing strategies like product structure adjustment, R&D, market expansion, and cost control - Due to the COVID-19 pandemic, delayed downstream demand led to lower-than-expected Q1 shipments and a YoY decline in performance, though sales have now normalized with sufficient orders[28] - Key risks faced by the company include macroeconomic fluctuations and slowing growth in downstream industries (construction and automotive), and raw material price volatility which could impact gross profit margins[31][32] - The company's risk mitigation measures include actively adjusting product structure, exploring niche market opportunities, strengthening R&D and market expansion, and maintaining reasonable inventory levels based on raw material price trends to control costs[31][32] Progress of Significant Matters During the reporting period, the company advanced a significant asset acquisition, with the Board approving on April 20, 2020, the proposed 255 million Yuan cash acquisition of 100% equity in Chengdu Tuoli Technology Co., Ltd. by the company and its wholly-owned subsidiary to expand business layout - The company and its wholly-owned subsidiary, Chengdu Guibao New Material Co., Ltd., plan to acquire 100% equity in Chengdu Tuoli Technology Co., Ltd. for 255 million Yuan in cash[33] - The acquisition proposal was approved by the company's 5th Board of Directors' 11th meeting on April 20, 2020, with funding from own or self-raised capital[33][34] Fulfillment of Commitments During the reporting period, the company and related parties strictly fulfilled all commitments, with ongoing commitments primarily related to the 2019 restricted stock incentive plan's performance targets and share lock-up arrangements, while some earlier non-public issuance lock-up commitments have been completed - The company and relevant incentive recipients are strictly fulfilling commitments related to the 2019 restricted stock incentive plan, which has a maximum validity period of 60 months[37][38] - The equity incentive plan sets phased performance targets, such as requiring cumulative operating revenue of no less than 2.152 billion Yuan and cumulative net profit of no less than 165 million Yuan for the first unlocking period from 2019-2020[37] - The 36-month lock-up commitments made by the company, Guo Dimin, Wang Youzhi, Yang Limei, and others during the 2015 non-public issuance were fulfilled on August 14, 2019[38][41] Financial Statements This section presents the company's unaudited consolidated and parent company financial statements for the first quarter of 2020, including balance sheets, income statements, and cash flow statements Financial Statements This section provides the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2020, showing slight increases in total assets and net assets from the beginning of the year, but a YoY decline in Q1 revenue and profit Consolidated Balance Sheet As of March 31, 2020, the company's total assets were 1.168 billion Yuan, up 1.82% from year-end, total liabilities were 264 million Yuan, up 4.03% driven by short-term borrowings, and equity attributable to parent company owners was 902 million Yuan, up 1.22% from year-end Consolidated Balance Sheet Summary (Unit: Yuan) | Item | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Total Current Assets | 674,022,081.51 | 640,353,844.45 | | Total Non-current Assets | 493,617,339.83 | 506,393,268.82 | | Total Assets | 1,167,639,421.34 | 1,146,747,113.27 | | Total Current Liabilities | 235,490,561.41 | 224,609,019.26 | | Total Non-current Liabilities | 28,794,047.66 | 29,438,868.22 | | Total Liabilities | 264,284,609.07 | 254,047,887.48 | | Total Equity Attributable to Parent Company Owners | 902,403,462.63 | 891,522,092.22 | | Total Equity | 903,354,812.27 | 892,699,225.79 | Consolidated Income Statement In Q1 2020, the company achieved total operating revenue of 155.87 million Yuan, down 13.75% YoY, and total operating costs of 140.61 million Yuan, down 13.8% YoY, resulting in a net profit attributable to parent company owners of 10.39 million Yuan, down 27.44% YoY, with basic earnings per share of 0.0314 Yuan Consolidated Income Statement Summary (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | I. Total Operating Revenue | 155,866,782.36 | 180,711,493.39 | | II. Total Operating Cost | 140,614,984.57 | 163,136,388.28 | | Including: Operating Cost | 115,269,016.28 | 130,130,880.21 | | Selling Expenses | 10,301,176.53 | 15,799,980.35 | | R&D Expenses | 8,357,808.81 | 7,677,408.80 | | III. Operating Profit | 13,541,324.97 | 16,569,504.92 | | IV. Total Profit | 14,363,420.27 | 16,875,571.39 | | V. Net Profit | 10,165,986.38 | 14,262,453.27 | | Net Profit Attributable to Parent Company Owners | 10,391,770.31 | 14,320,917.57 | | VIII. Basic Earnings Per Share | 0.0314 | 0.0433 | Consolidated Cash Flow Statement In Q1 2020, net cash flow from operating activities was -26.38 million Yuan, an improvement from the prior year's net outflow, net cash flow from investing activities was 0.38 million Yuan, and net cash flow from financing activities significantly increased to 79.77 million Yuan due to 80 million Yuan in bank loans, providing liquidity, with cash and cash equivalents at period-end reaching 210 million Yuan Consolidated Cash Flow Statement Summary (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -26,384,375.99 | -34,888,922.17 | | Net Cash Flow from Investing Activities | 377,736.72 | -3,604,089.45 | | Net Cash Flow from Financing Activities | 79,774,628.21 | -10,164,913.19 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | 31,217.84 | -53,492.79 | | Net Increase in Cash and Cash Equivalents | 53,799,206.78 | -48,711,417.60 | | Cash and Cash Equivalents at End of Period | 209,513,523.47 | 93,889,813.33 | Audit Notes The company's Q1 2020 financial report is unaudited, and no retrospective adjustments to the financial statements were made as the company did not adopt new revenue or lease standards for the first time in this reporting period - The company's first-quarter report is unaudited[89] - The company did not adopt new revenue or new lease standards for the first time in Q1 2020, thus there are no adjustments to the opening financial statements[89]