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Sifangda: The first quarter of 2011 report text
Henan Sifangda Superhard Materials Co., Ltd. Quarterly Report for the First Quarter of 2011 Text: 300179 Securities Abbreviation: Sifangda Announcement No.: 2011-0006 Henan Sifangda Superhard Materials Co., Ltd. Quarterly Report for the First Quarter of 2011 § 1 Important Notices 1.1 The Board of Directors, the Board of Supervisors and the directors, supervisors and senior management of the Company guarantee that the information contained in this report does not contain any false records, misleading statements or major omissions, and bears the truthfulness, accuracy and completeness of its contents. Individual and joint responsibility. 1.2 The company's first quarter financial report has not been audited by an accounting firm. 1.3 Fang Haijiang, person in charge of the company, Luo Zongju, person in charge of accounting work, and Luo Zongju, person in charge of accounting organ (accounting officer) hereby confirm that the financial report in the quarterly report is true and complete. §2 Basic information of the company 2.1 Major accounting data and financial indicators Unit: Yuan At the end of the reporting period, compared with the end of the previous year, the end of the reporting period, the end of the previous year, the increase or decrease (%) Total assets (yuan) 660,978,686.05193,468,380.47241.65% Owner's equity attributable to shareholders of the listed company (or shares 623,478,737.81157,301,085.48296.36% east equity) (yuan) Net assets per share attributable to shareholders of the listed company (yuan / 7.792.62197.33% shares) Net increase or decrease from the end of the reporting period (%) Net cash flow from operating activities (yuan) -1,554,161.89-114.70% Net cash flow from operating activities per share (yuan / -0.02-111.02 % Shares During the reporting period, the reporting period increased or decreased compared with the same period of the previous year. The same period last year (%) Total operating income (yuan) 25,136,706.0621,457,110.7117.15% Net profit attributable to shareholders of listed companies (yuan)3 ,058,818.647,077,656.90-56.78% Basic earnings per share (yuan/share) 0.040.12-66.67% Diluted earnings per share (yuan/share) 0.040.12-66.67% Weighted average return on equity (%) 1.55% 5.78%-4.23% minus non-recurring damage Subordinated weighted average net assets will receive 1.31% 5.39%-4.08%. Yield (%) Non-recurring gains and losses items √ Applicable □ Inapplicable units: Yuan Non-recurring gains and losses Item amount Notes (if applicable) Non-current assets disposal gains and losses -57 , 362.26 1 Henan Sifangda Superhard Materials Co., Ltd. The first quarterly report of the first quarter of 2011 is included in the current government profit and loss, but closely related to the company's normal business operations, in line with the 603,000.00 national policy, according to certain standards or Quantitative and continuous enjoyment of government subsidies except for income tax impact -81,845.66 Total 463,792.08- 2.2 Total number of shareholders at the end of the reporting period and top ten shareholders of unrestricted conditions Shareholdings Unit: Total number of shareholders at the end of the reporting period (households) 3,740 Top Ten Unrestricted Circulating Shareholders Shareholding Shareholder Name (full name) Number of unrestricted tradable shares held at the end of the period Industrial Bank Co., Ltd. - Xingquan Organic Growth Flexible 1,300,153 RMB Common Stock Allocation Hybrid Securities Investment Fund Bank of Communications-Penghua China 50 Open-end Securities Investment Fund 1,197,91 0 RMB common stock Agricultural Bank of China - Fuguo Tianrui strong area selected mixed 860,455 RMB common stock type open-end securities investment fund Bank of Communications - TEDA Manulife value-optimized growth industry 591,280 RMB common stock securities investment fund China Business Bank-Penghua Consumer Preferred Stock Securities Investment 499,881 RMB Common Stock Fund Shenyin Wanguo Securities Co., Ltd. 416,845 RMB Common Stocks Everbright Securities-ICBC-Guangda Sunshine Emerging Industry Collection 407,089 RMB Common Stock Management Plan China Resources SZITIC Trust Co., Ltd. - Boao 2 Securities Investment 360,068 RMB Common Stock Trust Plan Liaoning Aihai Talc Co., Ltd. 301,533 RMB Ordinary Shares Beijing Dehe Investment Co., Ltd. 300,000 RMB Ordinary Shares 2.3 Restricted Sale Changes in shareholdings: Units during the period of the period, the restrictions on the sale of shares, the increase in the number of shares, the name of the shareholders at the beginning of the period, the number of shares sold at the end of the period, the number of shares sold at the end of the period, the number of shares sold, the reason for the sale, the number of shares, the number of shares, the number of shares, the number of shares, the number of shares, the Agricultural Bank of China, Type 00800,000800,000 offline institutions Placing 2011-05-15 The lending securities investment fund Changjiang Securities has 00800,000800,000. The offline organization issuance 2011-05-15 The limited company Huatai Securities has 00800,000800,000 offline organization placement 2011-05-15 Company Pan'an Group Finance has 00800,000800,000 offline organization placement 2011-05-15 Limited company Ping An Trust limited liability 00800,000800,000 offline organization placement 2011-05-15 company paragraph Aiju 200,00000200,000 listing commitment 2012-02-15 Fang Chunfeng 1,261,649001,261,649 Listing Commitment 2014-02-15 2 Henan Sifangda Superhard Materials Co., Ltd. Quarterly Report for the First Quarter of 2011 Text Zhong Xiufang 691,98400691,984 Listing Commitment 2012- 02-15 Fang Haijiang 22,606,7500022,606,750 Listing Commitment 2014-02-15 Feng Xiaoyi 1,600,000001,600,000 Listing Commitment 2012-02-15 Fu Yuxia 7,202,250007,202, 250 Listing Commitment 2014-02-15 Zou Hongying 1,729,959001,729,959 Listing Commitment 2014-02-15 Zhang Yingjiu 500,00000500,000 Listing Commitment 2012-02-15 Zou Guiying 1,729,959001,729,959 Listing Commitment 2014-02-15 Yang Guodong 1,261 ,649001,261,649 Listing Commitment 2014-02-15 Zou Shuying 6,920,163006,920,163 Listing Commitment 2014-02-15 Zou Qunying 1,729,959001,729,959 Listing Commitment 2014-02-15 Zhu Xiaobao 1 ,905,763001,905,763 Listing Commitment 2012-02-15 Fu Xiaocheng 3,459,915003,459,915 Listing Commitment 2014-02-15 Hengsheng Taihe (Beijing) 7,200,000007,200,000 Listing Commitment 2012 -02-15 Investment Co., Ltd. Total 60,000,00004,000,00064,000,000-- §3 Management Discussion and Analysis 3.1 The major changes in the company's major accounting statements, financial indicators and reasons √ Applicable □ No Applicable 1. Analysis of balance sheet items (1) The notes receivable decreased by RMB 5,419,600 from the beginning of the period, a decrease of 97.37%, mainly due to the external endorsement of the notes receivable during the reporting period. (2) Other receivables increased by RMB 380,700 compared with the beginning of the period, an increase of 93.46%, mainly due to the fact that the invoices for lawyers paid and export credit insurance premiums have not been received. (3) Inventories increased by RMB 4.431 million compared with the beginning of the period, an increase of 14.10%, mainly due to the fact that raw material alloy and top hammer prices have been in an upward trend since 2010, and the delivery is tight and the delivery period is long, so as not to affect sales, the company has increased accordingly. Raw material reserves. (IV) Fixed assets increased by RMB 39.906 million compared with the beginning of the period, an increase of 164.92%, mainly due to the temporary completion of the company's fund-raising projects, and the temporary use of the plants that have reached the usable state. The fundraising project was put into operation as soon as possible, and the procurement of equipment during the reporting period is also increasing. (5) Construction in progress decreased by RMB 26,423,900 from the beginning of the period, for the same reason. (VI) Accounts payable increased by RMB 4,596,600 over the beginning of the period, mainly due to the increase in the amount of construction funds added to the provisional valuation of fixed assets. (VII) The payroll payables decreased by RMB 2.0205 million compared with the beginning of the period, mainly due to the payment of the 2010 year-end awards during the reporting period. (8) Taxes payable decreased by RMB 1,379,200 compared with the beginning of the period, mainly due to the payment of taxes and fees at the end of the previous period during the reporting period, and relatively low taxes and fees to be paid at the end of the reporting period. (IX) The share capital increased by RMB 20 million from the beginning of the period, and the capital reserve increased by RMB 441,118,800 compared with the beginning of the period. The main reason was that the company was approved by the China Securities Regulatory Commission (CSRC) [2011] No. 92. The 20 million shares of RMB ordinary shares were issued at a price of RMB 24.75 per share, which increased the company's equity and capital reserve at the end of the reporting period. The capital increase was verified by Lianda Verification [2011] No. 1008. II. Analysis of income statement items (I) Operating income reached RMB 25,316,700 in the current period, an increase of 17.15% year-on-year, of which: export sales accounted for 55%, and export sales increased by 26% year-on-year, mainly due to the oil industry. The rapid development and rapid recovery of the wire industry have led to a significant increase in sales of the company's petroleum composite sheets, diamond-drawn wire blanks and finished molds, resulting in rapid sales growth. (II) Analysis of operating costs and gross profit margins, operating costs increased by 3.851 million yuan year-on-year. Excluding the increase in revenue, the actual cost increase was approximately 2.11 million yuan, resulting in a decrease of gross profit margin by 8.4 percentage points year-on-year. In addition, the company's new equipment is being installed and commissioned. Some of the consumable spare parts such as top hammers, steel rings, steel pads, etc. are included in the production cost when they are used, and the cost of protective measures added by the new equipment is also directly included. The current manufacturing costs, resulting in higher current unit product costs; on the other hand, raw material prices have increased during the reporting period, labor costs increased year-on-year, the new employee technology recruited to cope with capacity expansion is not yet skilled, resulting in the company's The cost per unit of product increased; thirdly, the new products have not been put into production in batches, resulting in high depreciation of equipment and labor costs per unit of product; fourth, compared with the same period of last year, the proportion of sales of composite sheets and diamond wheels for low-margin products Some improvement has also lowered the gross profit margin of the products to some extent. In response to the impact of rising costs, the company is making process changes to some products, minimizing the dependence on diamond raw materials, and tightening the commissioning to get new equipment to start production as soon as possible. In addition, the company has adjusted the price of some products. The impact of rising costs on the company will be eliminated to a certain extent. With the completion of the commissioning of the company's equipment in the later stage, production will continue to enter the track, and new products will be put into production one after another. The company's gross profit level will have a good performance. (III) The sales expenses increased by RMB 1,301,700 over the same period of last year. The main reason was that in 2011, the company successfully landed on the GEM and incurred a large media expenditure. In addition, with the 3rd Henan Sifangda Superhard Materials Co., Ltd. In the first quarter of the quarterly report, the company's gradual development, the recruitment of new sales staff is also increasing, resulting in increasing wages and other expenses, the overall increase in sales costs in the current period. (IV) Administrative expenses increased by RMB 3.162 million over the same period of last year, an increase of 118.79%. The main reason was that the company successfully landed on the GEM in 2011. In the process, a certain amount of listing expenses occurred, according to the China Securities Regulatory Commission June 2010. On the 23rd, the "Resolution of the Accounting Standards for the Implementation of Accounting Standards for Listed Companies" document requires that the expenses for listing liquor, roadshow fees, financial and public relations fees incurred during the issuance of securities should be included in the current profits and losses when incurred, resulting in the management expenses of the company during the reporting period. The increase was greatly increased; at the same time, the company's investment in research and development fees continued to increase, resulting in a growth in management costs. (5) Financial expenses decreased by RMB 400,000 compared with the same period of last year, mainly due to the increase in interest income after the investment of funds was received. (VI) Net profit realized RMB 3.00 million in the current period, a decrease of RMB 4,108,800, a decrease of 56.78%, mainly due to the significant increase in operating expenses and management expenses of the company and the decrease in gross profit margin of the products. In the first quarter, the company incurred a certain amount of one-time expenses, resulting in a decrease in net profit and gross profit margin. At the same time, due to the fact that large customers of domestic petroleum composite chips have not started to purchase, the sales volume of high-margin products is limited, and operating profit has declined. In one step, the company will focus on increasing the sales of high-margin products, focusing on the sale of high-end mining composites in the sales of composite sheets for mining, focusing on effective production capacity on high-end products, and at the same time, lowering the gross profit margin of some products. The products will be sold at a price adjustment; the company will also focus on the development of composite sheets for petroleum composites and knives in combination with the annual sales strategy. Although some equipment will be delivered to the factory in the second quarter, a certain amount of one-time commissioning fees will still occur, but with the new The gradual improvement of the process of the first generation of petroleum film products and the successful development of the two-inch (50.8mm) tool composite sheet are believed to bring a good effect on the company's gross profit improvement. III. Analysis of cash flow statement items (I) The net cash flow from operating activities decreased by RMB 12,127,800, a decrease of 114.70%, mainly due to the payment of materials paid by the company during the reporting period and other payment related to business activities. The cash has increased significantly. (II) The net cash flow from financing activities was RMB 461,755,600, which was due to the funds raised by the company in issuing new shares in the current period. 3.2 Business Review and Outlook From January to March 2011, the company's main business continued to maintain a good momentum of development with the joint efforts of all employees, and its business performance continued to grow. As of the end of March 2011, the company achieved operating income of RMB 25,316,700, an increase of 17.15% over the same period of the previous year. As the company officially landed on the GEM on February 15, 2011, a series of roadshow fees and listing fees occurred. The expenses incurred in the first quarter increased significantly compared with the same period of last year, which led to an operating profit of 3.053 million yuan in the current period, a decrease of 60.56% over the same period of last year; the net profit attributable to shareholders of the company was 3,508,800 yuan. Compared with the same period of last year, it decreased by 56.78%. During the reporting period, the company actively explored international and domestic markets and potential quality customers, and the sales volume of products continued to increase, further consolidating and enhancing the market competitiveness and market share of the company's products. At the end of March, the company successfully held a trial production ceremony for the new plant. With the successful commissioning of new equipment, the next step will greatly ease the contradiction of the company's insufficient production capacity and lay a good foundation for the rapid increase in sales. During the reporting period, the company's fund-raising investment projects “composite super-hard materials high-tech industrialization project†and “composite super-hard material products project†were progressing smoothly. Among them, the “Comprehensive Superhard Material High-Tech Industrialization Project†has invested RMB 68,604,300, and the “Comprehensive Superhard Materials and Products R&D Center Project†has begun to implement. According to the plan at the beginning of the year, the company will do the debugging while adding new equipment, increase the equipment mode while production, minimize the installation and commissioning time of the equipment, and continuously recruit new employees and organize training according to the needs. Employees can quickly get started with the help of old employees to avoid idle and wasteful equipment. During the reporting period, the company stepped up the research and development progress of high-end oil tablets, and used the newly established evaluation system to evaluate the wear ratio of different products. The trials and trials have been carried out smoothly. The company's large-diameter tool composites are also used. In the active debugging and experiment, at present, the two-inch (50.8mm) tool composite sheet has been successfully developed and will be introduced to the market in the near future. In the future, the company will continue to focus on the research and production of composite super-hard materials, further enhance the technological advantages of its competitors and enhance the international influence of Sifangda brand. At the same time, the company will also actively extend downstream to improve the company's product chain. As a result, it will eventually become a world-class manufacturer of composite superhard materials and products. §4 Important matters 4.1 Implementation of commitments by the company, shareholders and actual controllers √ Applicable □ Not applicable (1) Circulation restrictions on shares held by shareholders before the company's shares are issued, and shareholders' commitment to voluntary lock-in of the shares held: 1. The company The controlling shareholder, the actual controller Fang Haijiang, Fu Yuxia and their relatives Zou Shuying, Fu Xiaocheng, Zou Qunying, Zou Guiying, Zou Hongyu, Yang Guodong, Fang Chunfeng promised: within 36 months from the date of listing of the company's shares, Transfer or entrust others to manage the shares that have been issued before the company's public offering of shares, directly or indirectly, and the company will not repurchase shares that were issued directly or indirectly before the company's public offering of shares. 2. Hengsheng Taihe (Beijing) Investment Co., Ltd. and its shareholders Duan Aiju, Zhong Xiufang, Feng Xiaoyu and Zhu Xiaobao promised that they will not transfer or entrust others to manage their direct or indirect holdings within 12 months from the date of listing of the company's shares. Some of the shares issued before the company's public offering of shares, and the company does not repurchase its shares issued directly or indirectly before the company's public offering of shares. 3. Fang Haijiang, Fu Yuxia, Zou Shuying, Fu Xiaocheng, Yang Guodong, Fang Chunfeng and Zou Qunying promised that, except for the aforementioned lock-up period, the company's shares transferred during the term of office shall not exceed 25% of the total number of shares of the company directly or indirectly. Within half a year after leaving the company, the company's shares held directly or indirectly will not be transferred. 4. Chairman of the Board of Supervisors Zhang Yingjiu promised that in addition to the aforementioned lock-up period, the company's shares transferred during the term of office shall not exceed the direct or indirect holding of the company's shares. 4 Henan Sifangda Superhard Materials Co., Ltd. 25% of the text of the quarterly report; if it declares to leave the company within six months from the date of listing of the initial public offering, it will not transfer the shares of the company directly or indirectly held within 18 months from the date of filing the resignation; If the resignation is filed between the seventh month and the twelfth month from the date of listing of the initial public offering, the shares of the company directly or indirectly held by the company will not be transferred within 12 months from the date of the declaration of resignation; If the company declares a resignation one year after the date of listing of the initial public offering, it shall not transfer the shares of the company directly or indirectly held within six months from the date of the declaration of resignation. 5. Zou Guiying and Zou Hongying promised that, except for the above-mentioned lock-up period, if the director of the company Zou Shuying or the supervisor Zou Qunying is employed, the company's shares transferred each year shall not exceed 25% of the total number of shares of the company directly or indirectly; Zou Shuying, director of the company, or Zou Qunying (any one of the two or two), the supervisor, will not transfer the shares of the company directly or indirectly held within half a year after leaving the company. The above commitments are strictly observed. (II) Commitment of the controlling shareholder and actual controller to avoid horizontal competition The controlling shareholder and actual controller of the company, Mr. Fang Haijiang and Ms. Fu Yuxia issued a “commitment letter†to the company. The specific commitments are as follows: 1. I hold it During the period of the Sifangda Shares, I do not engage in any form, in any form, in any form of law, regulations and regulations of the China Securities Regulatory Commission, which may constitute a horizontal competition with Sifangda; 2. If the business opportunity I obtain from a third party belongs to If Sifangda is within the scope of its main business, I will promptly inform Sifangda and assist Sifangda to obtain the business opportunity as much as possible. 3. I do not engage in any business or activity that may affect the operation and development of Sifangda in any way. , including: (1) Using existing social resources and customer resources to hinder or limit the independent development of Sifangda; (2) Fabricating and disseminating information that is not conducive to Sifangda, and damaging the goodwill of Sifangda; (3) Using the right person The control status of Sifangda exerts adverse effects, resulting in Sifangda executives, R&D personnel, and technical personnel. Abnormal changes in core personnel; (4) Recruiting professional and technical personnel, sales personnel, and senior management personnel from Sifangda; 4. I will supervise my spouse, adult children and their spouses, parents of their spouses, their siblings and their The spouse, the spouse of my spouse and their spouse, and the company I invested in are bound by this letter of commitment. The above commitments are strictly valid. 4.2 Comparison of the use of raised funds √ Applicable □ Inapplicable units: Total funds raised by 10,000 yuan 46,311.88 Total funds raised during the quarter 0.00 Total amount of funds raised for change during the reporting period 0.00 Total amount of funds raised for cumulative use 0.00 Total accumulated investment Total amount of funds raised: 0.00% of the total amount of funds raised for cumulative use. Has it been changed? The deadline for the project is up to the end of the period. The project is feasible. The project is up to the promised investment project and the over-raised growth fund commitment is adjusted. Whether the real availability of this quarter is valid to the expected investment target (including total investment (1) amount of investment (%) (3) = current benefit major significant abnormal date benefit portion (2) (2) /(1)Change) Committed investment project composite superhard material high technology 12,858.6,860.42011 March No 12,858.07686.5553.36%0.00 No No industrialization project 07326 Composite superhard material products item 3,237.51,123.42011 December No 3,237.52186.1434.70%0.00 No No 2601 Day Composite Superhard Materials and Products 2,044.22013February No 2,04 4.200.000.000.00%0.00 Not applicable No R&D center project 001 Others related to main business 28,172.December 2015 No 28,172.090.000.000.00%0.00 Not applicable No working capital 0931 days 46,311.7,983.8 Committed investment project subtotal -46,311.88872.69--0.00-- 889 Super fundraising investment 5 Henan Sifangda Superhard Materials Co., Ltd. 2011 first quarter quarterly report text return bank loan (if any) -0.000.000.000 .000.00%---- Supplementary working capital (if any)-0.000.000.000.000.00%---- Over-raised funds to subtotal-0.000.000.000.00--0.00-- 46,311.7,983.8 Total-46 ,311.88872.69--0.00-- 889 The situation and reasons for not meeting the planned progress or expected income None (sub-specific items) The situation of the project feasibility is not changed. The amount, use and use of the over-raised funds are super. The funds raised were 281.729 million yuan. As of the end of the reporting period, the company has not yet formulated a specific direction of use. The company will organize the demonstration and analysis of the use of super-raised funds as soon as possible. The fundraising investment project is not applicable to the change of the location. The fundraising investment project is not applicable. The adjustment method applies. The fundraising investment project is subject to the resolution of the 10th meeting of the first board of directors. The board of directors of the company agrees to replace the original fund with the raised funds. The capital investment and replacement situation of the investment project was 79.838 million yuan. The matter was issued by Lianda Certified Public Accountants Co., Ltd. issued the special audit report of Lianda Special Character [2011] No. 1349. At the same time, Guotai Junan also issued special verification opinions. Replacement issues are being organized. The use of idle raised funds is temporarily not applicable to the supplementary liquidity. The amount of funds raised in the implementation of the fund is not applicable. The amount of funds raised and the reasons for the unused funds are as of the end of the reporting period. The unused funds are mainly in the form of time deposit certificates and notice deposits. : One-year deposits of 26,400 uses and go to 10,000 yuan, 6 months of deposits of 65 million yuan, three months of deposits of 111.7 million yuan, and other 7-day notice deposits. Problems or other non-existence in the use and disclosure of raised funds 4.3 Implementation of the cash dividend policy during the reporting period √ Applicable □ Not applicable According to the resolution of the ninth meeting of the first board of directors of the Board of Directors in 2011, agreeing to the existing after the public offering The stock of 80 million shares is the base, and every 10 shares are distributed with a cash dividend of 1 yuan (including tax). The matter needs to be finalized after consideration by the shareholders meeting. 4.4 Predicting the warning that the accumulated net profit from the beginning of the year to the end of the next reporting period may be a loss, realizing a loss-making profit or a significant change from the same period of the previous year □ Applicable √ Not applicable 4.5 to the controlling shareholder or its related parties Providing funds and providing guarantees in violation of the prescribed procedures □ Applicable √ Inapplicable to the controlling shareholder or its related parties to provide funds and provide guarantees in violation of the prescribed procedures. 6 Henan Sifangda Superhard Materials Co., Ltd. Quarterly Report for the First Quarter of 2011 4.6 Securities Investment □ Applicable √ Not applicable 4.7 According to the relevant guidelines of the Shenzhen Stock Exchange, the major contracts for daily operation in the reporting period should be disclosed □ Applicable √ Not applicable Henan Sifangda Superhard Materials Co., Ltd. Board of Directors April 13, 2011