扬帆新材(300637) - 2021 Q1 - 季度财报

Important Notice The company's Board of Directors, Supervisory Board, and all senior management guarantee the truthfulness and completeness of this quarterly report, assuming legal responsibility - The company's Board of Directors, Supervisory Board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, free from false records, misleading statements, or major omissions, and assume corresponding legal responsibilities[3] - The company's responsible person, the person in charge of accounting work, and the head of the accounting department ensure the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[4] Company Profile This section provides an overview of the company's key financial performance and shareholder structure Key Accounting Data and Financial Indicators In Q1 2021, the company achieved significant growth and turned loss into profit, with revenue up 69.55% and net profit reaching RMB 14.21 million, alongside a 2187.13% surge in operating cash flow 2021 Q1 Key Financial Indicators | Indicator | Current Reporting Period | Prior Year Same Period | Year-over-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 165,949,576.30 | 97,873,931.32 | 69.55% | | Net Profit Attributable to Shareholders (RMB) | 14,213,796.86 | -3,126,374.71 | Turned Loss into Profit | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (RMB) | 14,332,867.81 | -2,641,962.92 | Turned Loss into Profit | | Net Cash Flow from Operating Activities (RMB) | 31,138,086.37 | 1,361,449.19 | 2,187.13% | | Basic Earnings Per Share (RMB/share) | 0.06 | -0.01 | Turned Loss into Profit | | Weighted Average Return on Net Assets | 1.85% | -0.40% | Increased by 2.25 percentage points | | Total Assets (RMB) | 1,264,348,413.64 | - | Increased by 2.61% from prior year-end | | Net Assets Attributable to Shareholders (RMB) | 774,140,115.96 | - | Increased by 1.82% from prior year-end | - During the reporting period, the company's non-recurring gains and losses totaled -RMB 119,070.95, primarily including non-current asset disposal gains/losses, government subsidies, and other non-operating income/expenses[9] Shareholder Information As of the reporting period end, the company had 13,606 common shareholders, with Zhejiang Yangfan Holdings and SFC Co., Ltd. as the top two, indicating a relatively concentrated ownership structure - As of the end of the reporting period, the total number of common shareholders was 13,606[11] Top Two Shareholders' Holdings | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Zhejiang Yangfan Holdings Group Co., Ltd. | 23.69% | 55,606,200 | | SFC CO., LTD. | 15.84% | 37,175,400 | - Yangfan Holdings and SFC are shareholders controlled by the actual controller; Oriental Fortune Capital (Wuhu) Equity Investment Fund (Limited Partnership) and Oriental Fortune Capital (Wuhu) No. 2 Equity Investment Fund (Limited Partnership) are parties acting in concert[12] Significant Events This section details major changes in financial data and provides an overview of business performance and outlook Significant Changes in Key Financial Data and Reasons Multiple financial indicators significantly changed due to business recovery, with balance sheet items like receivables and payables fluctuating, profit and cost rising with sales, and cash flows increasing from sales and purchases Balance Sheet Major Changes | Account | Change Percentage | Main Reasons | | :--- | :--- | :--- | | Notes Receivable | 154.36% | Increase in unexpired acceptance bills | | Prepayments | 66.12% | Increase in advance payments for raw materials | | Construction in Progress | 38.32% | Continued investment in construction projects | | Notes Payable | 107.80% | Increase in payment for construction projects via acceptance bills | | Accounts Payable | -45.92% | Decrease in payables for construction projects | | Non-current Liabilities Due Within One Year | 99.69% | Increase in borrowings | Income Statement Major Changes | Account | Change Percentage | Main Reasons | | :--- | :--- | :--- | | Operating Revenue | 69.55% | Sales revenue rebounded this period due to COVID-19 impact in prior period | | Operating Costs | 73.47% | Costs increased proportionally with sales revenue rebound | | Selling Expenses | -36.36% | Under new revenue standards, freight costs are included in operating costs | | Financial Expenses | 46.92% | Impact of USD exchange rate on exchange gains/losses | Cash Flow Statement Major Changes | Account | Change Percentage | Main Reasons | | :--- | :--- | :--- | | Cash Received from Sales of Goods and Services | 101.33% | Increased sales revenue and collections | | Cash Paid for Goods and Services | 98.81% | Increased purchases this period due to low base in prior year | | Cash Paid for Debt Repayment | 284.80% | Increased repayment of matured loans | Business Review and Outlook The company achieved a strong Q1 2021 turnaround driven by increased sales orders from economic recovery, though mercaptan compound business profitability was impacted by trial operations, with future scale advantages expected - The company's turnaround from loss to profit was primarily due to effective domestic epidemic control, economic recovery, increased sales orders, and significant year-over-year improvements in revenue and performance[19][20] - The mercaptan compound business, with Inner Mongolia Yangfan in trial operation, experienced low capacity and high costs, impacting overall profitability. It is expected that after stable production, the company's industrial chain and scale advantages will gradually emerge[20] Top Five Suppliers and Customers Changes | Item | Current Reporting Period | Prior Year Same Period | Year-over-year Change | | :--- | :--- | :--- | :--- | | Total Procurement from Top Five Suppliers (RMB) | 32,349,373.43 | 8,921,608.86 | 262.60% | | Total Sales to Top Five Customers (RMB) | 37,491,160.98 | 23,284,612.76 | 61.01% | Financial Statements This section presents the consolidated balance sheet, income statement, and cash flow statement for the reporting period Consolidated Balance Sheet As of March 31, 2021, total assets were RMB 1.26 billion (+2.61%), total liabilities RMB 490 million (+3.87%), and owner's equity RMB 774 million (+1.82%), indicating a stable financial structure Consolidated Balance Sheet Core Data (As of March 31, 2021) | Indicator | Period-end Balance (RMB) | Beginning of Year Balance (RMB) | Change from Beginning of Year | | :--- | :--- | :--- | :--- | | Total Assets | 1,264,348,413.64 | 1,232,225,820.64 | +2.61% | | Total Liabilities | 490,208,647.64 | 471,933,288.68 | +3.87% | | Owner's Equity Attributable to Parent Company | 774,140,115.96 | 760,292,531.96 | +1.82% | Consolidated Income Statement In Q1 2021, total operating revenue reached RMB 166 million (+69.55%), with total operating costs at RMB 150 million (+48.40%), leading to a net profit of RMB 14.21 million, a significant improvement from the prior year's loss Consolidated Income Statement Core Data (2021 Q1) | Indicator | Current Period Amount (RMB) | Prior Period Amount (RMB) | Year-over-year Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 165,949,576.30 | 97,873,931.32 | +69.55% | | Total Operating Costs | 150,226,802.39 | 101,234,832.78 | +48.40% | | Net Profit Attributable to Parent Company Shareholders | 14,213,796.86 | -3,126,374.71 | Turned Loss into Profit | | Basic Earnings Per Share | 0.06 | -0.01 | Turned Loss into Profit | Consolidated Cash Flow Statement Q1 2021 operating cash flow was RMB 31.14 million (+2187.13%), driven by increased sales collections, while investment cash outflow decreased by 40.3%, and financing cash inflow was RMB 22.09 million, with period-end cash at RMB 60.92 million Consolidated Cash Flow Statement Core Data (2021 Q1) | Indicator | Current Period Amount (RMB) | Prior Period Amount (RMB) | Year-over-year Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 31,138,086.37 | 1,361,449.19 | +2187.13% | | Net Cash Flow from Investing Activities | -44,931,946.41 | -75,279,936.47 | Net outflow decreased by 40.3% | | Net Cash Flow from Financing Activities | 22,094,553.60 | 119,009,646.74 | Net inflow decreased by 81.4% | | Period-end Cash and Cash Equivalents Balance | 60,915,488.97 | 128,892,151.07 | -52.74% | Audit Report Explanation The company's 2021 first quarter financial report is unaudited - The company's first quarter report is unaudited[55]