[一季报]京粮B:2021年第一季度报告正文（英文版）
Stock Code: 000505, 200505 Stock Name: JLKG, JL-B Announcement No. 2021-025 HAINAN JINGLIANG HOLDINGS CO., LTD. FIRST QUARTERLY REPORT 2021 (SUMMARY) Part I Important Notes The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, supervisors and senior management of Hainan Jingliang Holdings Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee the factuality, accuracy and completeness of the contents of this Report and its summary, and shall be jointly and severally liable for any misrepresentations, misleading statements or material omissions therein. All the Company’s directors have attended the Board meeting for the review of this Report and its summary. Li Shaoling, the Company’s legal representative, Guan Ying, the Company’s head for financial affairs, and Liu Quanli, head of the Company’s financial department (equivalent to financial manager) hereby guarantee that the Financial Statements carried in this Report are factual, accurate and complete. This Report and its summary have been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese versions shall prevail. Part II Key Corporate Information I Key Financial Information Indicate by tick mark whether there is any retrospectively restated datum in the table below. □ Yes √ No Q1 2021 Q1 2020 Change (%) Operating revenue (RMB) 2,338,783,061.35 1,719,261,111.71 36.03% Net profit attributable to the listed company’s shareholders (RMB) 36,585,077.36 27,655,045.32 32.29% Net profit attributable to the listed company’s shareholders before exceptional items (RMB) 32,694,567.66 23,730,342.72 37.78% Net cash generated from/used in operating activities (RMB) 274,757,224.16 328,948,834.32 -16.47% Basic earnings per share (RMB/share) 0.05 0.04 25.00% Diluted earnings per share (RMB/share) 0.05 0.04 25.00% Weighted average return on equity (%) 1.34% 1.14% 0.20% 31 March 2021 31 December 2020 Change (%) Total assets (RMB) 5,684,487,935.29 5,695,504,493.73 -0.19% Equity attributable to the listed company’s shareholders (RMB) 2,747,216,903.27 2,710,571,543.53 1.35% Exceptional gains and losses: √ Applicable □ Not applicable Unit: RMB Item Q1 2021 Note Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs) 123,210.12 Government grants through profit or loss (exclusive of government grants given in the Company’s ordinary course of business at fixed quotas or amounts as per the government’s uniform standards) 406,977.39 Gain or loss on fair-value changes on held-for-trading and derivative financial assets and liabilities & income from disposal of held-for-trading and derivative financial assets and liabilities and other debt investments (exclusive of the effective portion of hedges 4,619,547.66 that arise in the Company’s ordinary course of business) Non-operating income and expense other than the above 97,845.34 Project confirmed with the definition of non-recurring gains and losses 28,548.78 Less: Income tax effects 1,319,032.32 Non-controlling interests effects (net of tax) 66,587.27 Total 3,890,509.70 -- Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items: □ Applicable √ Not applicable No such cases for the Reporting Period. II Total Number of Shareholders and Holdings of Top 10 Shareholders at 31 March 2021 1. Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well as Holdings of Top 10 Shareholders Unit: share Number of ordinary shareholders at the period-end 68,418 Number of preferred shareholders with resumed voting rights at the period-end (if any) 0 Top 10 shareholders Name of shareholder Nature of shareholder Shareholding percentage Total shares held Restricted shares held Shares in pledge or frozen Status Shares BEIJING GRAIN GROUP CO., LTD. State-owned legal person 39.68% 288,439,561 164,877,598 BEIJING STATE-OWNED CAPITAL OPERATION AND MANAGEMENT CENTER State-owned legal person 6.67% 48,510,460 0 WANG YUECHENG Domestic natural person 5.66% 41,159,887 41,159,887 LI SHERYN ZHAN MING Foreign natural person 1.23% 8,930,000 0 GOLD BUFFALO RUNYING (TIANJIN) EQUITY INVESTMENT FUND MANAGEMENT CO., LTD.—GOLD BUFFALO Other 0.40% 2,889,803 0 RUNYING (TIANJIN) EQUITY INVESTMENT FUND (L.P.) MEI JIANYING Domestic natural person 0.36% 2,604,203 0 ZHANG XIAOXIA Domestic natural person 0.27% 1,949,250 0 WANG XIAOXING Domestic natural person 0.23% 1,691,200 0 TAN WENQIONG Domestic natural person 0.20% 1,474,700 0 ORIENT SECURITIES （HONG KONG） LIMITED Foreign corporation 0.18% 1,330,400 0 Top 10 unrestricted shareholders Name of shareholder Unrestricted shares held Shares by type Type Shares BEIJING GRAIN GROUP CO., LTD. 123,561,963 RMB-denominated ordinary stock 123,561,963 BEIJING STATE-OWNED CAPITAL OPERATION AND MANAGEMENT CENTER 48,510,460 RMB-denominated ordinary stock 48,510,460 LI SHERYN ZHAN MING 8,930,000 Domestically listed foreign stock 8,930,000 GOLD BUFFALO RUNYING (TIANJIN) EQUITY INVESTMENT FUND MANAGEMENT CO., LTD.—GOLD BUFFALO RUNYING (TIANJIN) EQUITY INVESTMENT FUND (L.P.) 2,889,803 RMB-denominated ordinary stock 2,889,803 MEI JIANYING 2,604,203 RMB-denominated ordinary stock 2,604,203 ZHANG XIAOXIA 1,949,250 Domestically listed foreign stock 1,949,250 WANG XIAOXING 1,691,200 RMB-denominated ordinary stock 1,691,200 TAN WENQIONG 1,474,700 RMB-denominated ordinary stock 1,474,700 ORIENT SECURITIES （HONG KONG） LIMITED 1,330,400 Domestically listed foreign stock 1,330,400 YANG SHULING 1,122,900 RMB-denominated ordinary stock 1,122,900 Related or acting-in-concert parties among the ① Beijing State-Owned Capital Operation and Management Center owns shareholders above 100% of Beijing Grain Group Co., Ltd., and Beijing Grain Group Co., Ltd. is the controlling shareholder of the Company (a 39.68% holding). ② Wang Yuecheng is a Deputy General Manager of the Company. Apart from the aforesaid, the Company does not know whether there are any other related parties or acting-in-concert parties among the top 10 shareholders. Top 10 shareholders engaged in securities margin trading (if any) Shareholder Wang Xiaoxing held 1,691,200 shares in the Company through his account of collateral securities for margin trading in Soochow Securities Co., Ltd. Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary shareholders of the Company conducted any promissory repo during the Reporting Period. □ Yes √ No No such cases in the Reporting Period. 2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them □ Applicable √ Not applicable Part III Significant Events I Changes in Key Financial Statement Line Items and Explanation of why √ Applicable □ Not applicable 1. Monetary assets increased primarily driven by an increase in sales revenue received in the oils business in the current period. 2. Held-for-trading financial assets increased primarily driven by the purchase of wealth management products with part of the amount arising from the redemption of investments in cash management products upon maturity in the current period. 3. Derivative financial liabilities decreased primarily driven by changes in the fair value of hedge instruments in the Current Period. 4. Total revenues increased primarily driven by rising product prices and unit sales in the Current Period. 5. R&D expense increased primarily driven the cost rising by more new product development projects in the Current Period. 6. Finance costs decreased primarily driven by decreases in exchange losses and interest expense in the Current Period. 7. Other income increased primarily driven by an increase in VAT rebates in the Current Period. 8. Gain on fair value changes increased primarily driven by changes in the value of futures contracts in the current period. 9. Net cash generated from investing activities decreased primarily driven by an increase in investments in wealth management products. 10. Net cash generated from financing activities decreased primarily driven by a decrease in new borrowings in the current period. II Progress, Influence and Solutions with regard to Significant Events √ Applicable □ Not applicable Summary of the significant event Disclosure date Index to the related announcement The Company signed the Joint Venture and Cooperation Agreement on Yueyang Oil Processing Project and the Articles of 5 January 2021 Announcement No. 2021-004 of Hainan Jingliang Holdings Co., Ltd. on Progress Association of Jingliang (Yueyang) Grains & Oils Industries Co., Ltd. with Sinograin Oils Co., Ltd. on 31 December 2020. This external investment has been approved by Beijing Capital Agribusiness & Foods Group Co., Ltd. During the Reporting Period, Sinograin Oils Co., Ltd., upon internal decisions, obtained the approval of China Grain Reserves Group Ltd. Company. Subsequently, both parties will actively go through the paper work for the establishment of the joint venture. of Yueyang Oil Base Project disclosed on www.cninfo.com.cn. On 6 April 2021, the Company signed the Cooperation Framework Agreement with SDIC Traffic Holding Co., Ltd. and China Grain Reserves Group Ltd. Guangzhou Branch in Beijing, reaching an agreement on cooperation in grain storage, logistics and processing at SDIC Yangpu Port, Yangpu Economic Development Zone, Hainan Province. 8 April 2021 Announcement No. 2021-020 of Hainan Jingliang Holdings Co., Ltd. on Signing the Cooperation Framework Agreement disclosed on www.cninfo.com.cn. Progress of any share repurchases: □ Applicable √ Not applicable Progress of any reduction of the repurchased shares through centralized bidding: □ Applicable √ Not applicable III Commitments that the Company’s Actual Controller, Shareholders, Related Parties, Acquirers, the Company Itself or Other Parties, Failed to Fulfill on Time during the Reporting Period □ Applicable √ Not applicable No such cases in the Reporting Period. IV Financial Investments 1. Securities Investments √ Applicable □ Not applicable Unit: RMB Type of securities Code of securities Name of securities Initial investment cost Accounting measurement model Beginning carrying value Gain/loss on fair-value changes in the current period Cumulative fair-value changes through equity Purchased in the current period Sold in the current period Gain/loss in the current period Ending carrying value Accounting title Funding source Other 204001 GC001 Cost method 1,980,700,000.00 1,980,700,000.00 275,836.11 0.00 Other Self-raised Total 0.00 -- 0.00 0.00 0.00 1,980,700,000.00 1,980,700,000.00 275,836.11 0.00 -- -- Disclosure date of announcement on Board’s consent for securities investment 27 March 2021 Disclosure date of announcement on shareholders’ meeting’s consent for securities investment (if any) N/A 2. Investments in Derivative Financial Instruments √ Applicable □ Not applicable Unit: RMB’0,000 Type of derivative financial instrument Start date End date Beginning investment Ending investment Ending investment as % of the Company’s ending net assets Actual gain/loss in Reporting Period Agricultural product future contract 1 January 2021 31 March 2021 25,014.36 23,798.9 8.66% -20,727.38 Foreign exchange forwards 1 January 2021 31 March 2021 13,336.81 40,543.15 14.76% -18.51 Total -- -- 38,351.17 64,342.05 23.42% -20,745.89 Funding source The Company's own funds are used in commodity derivatives transactions; in foreign exchange derivatives transactions, the Company's comprehensive bank credit line or margin for trading is mainly used. Principal delivery or differential delivery is adopted at maturity. Legal matters involved (if applicable) N/A Disclosure date of the announcement about the board’s consent for the securities investment (if any) 27 March 2021 Disclosure date of the announcement about the general meeting’s consent for the securities 17 April 2021 investment (if any) Risk analysis and control measures in respect of derivative investments held in the Reporting Period (including but not limited to market risk, liquidity risk, credit risk, operational risk, legal risk, etc.) The Company's main purpose of conducting commodity derivatives transactions and foreign exchange derivatives transactions is to hedge and lock in exchange rates, other than for speculation purposes. Existing risks include but are not limited to market risk, liquidity risk, price fluctuation risk and internal control risk. In this regard, the Company has adopted the following risk control measures: 1) The development of derivatives trading business is based on normal production and operation; 2) the Company has formulated the Management Policy of Hainan Jingliang Holdings Co., Ltd. on Commodity Derivatives Transactions and the Management Policy of Hainan Jingliang Holdings Co., Ltd. on Financial Derivatives Transactions to control transaction risks; 3) own funds are reasonably allocated for hedging business. In principle, the Company purchases options contracts only. The asset scale of futures and options is strictly controlled. The margin is planned and used reasonably; 4) the Company is only allowed to conduct foreign exchange derivatives trading business with banks and financial institutions that are approved by regulatory authorities and eligible for foreign exchange derivatives trading business, other than with other organizations or individuals, so as to prevent customer default risks. During the Reporting Period, gains and losses of commodity derivatives transactions offset the gains and losses of hedged items (spot agricultural products). Changes in market prices or fair value of derivative investments in the Reporting Period (fair value analysis should include measurement method and related assumptions and parameters) The value of the Company’s future contracts changed according to the contract prices declared by the future exchange, which were broadly representative. And the fair value of the Company’s future contracts was executed in strict compliance with the future exchange’s settlement methods. Significant changes in accounting policies and specific accounting principles adopted for derivative investments in the Reporting Period compared to the last reporting period N/A Opinion of independent directors on derivative investments and risk control Opinion of independent directors on commodity derivatives transactions: the Company has formulated the Management Policy of Hainan Jingliang Holdings Co., Ltd. on Commodity Derivatives Transactions, which can effectively normalize commodity derivatives transaction behaviors and control transaction risks. Based on normal production and operation, the Company properly uses derivative financial instruments to effectively offset operation risks. It is agreed that the Company will conduct commodity derivatives transactions in 2021. Opinion of independent directors on foreign exchange derivatives trading business: after check, the relevant decision-making procedures for the Company and its majority-owned subsidiaries to conduct foreign exchange derivatives trading business are in compliance with relevant national laws, regulations and the governing provisions of the Articles of Association after verification. Based on normal production and operation, the Company uses foreign exchange derivatives instruments to reduce exchange rate risks and help to enhance financial soundness. There is no harm to the interests of the Company and all other shareholders, especially minority shareholders. The Company has established the Management Policy of Hainan Jingliang Holdings Co., Ltd. on Financial Derivatives Transactions, which helps to enhance the trading risks control. It is agreed that the Company and its majority-owned subsidiaries will conduct foreign exchange derivative trading business within the consideration amount. V Progress of Projects Financed with Raised Funds □ Applicable √ Not applicable VI Operating Performance Forecast for January-June 2021 Warning of a forecast loss on or a forecast significant year-on-year change in the accumulative net profit from the beginning of the year to the end of the next reporting period, as well as explanation of why: □ Applicable √ Not applicable VII Significant Contracts Arising from the Company’s Ordinary Course of Business □ Applicable √ Not applicable VIII Cash Entrusted for Wealth Management √ Applicable □ Not applicable Unit: RMB’0,000 Type Funding source Amount Undue amount Unrecovered overdue amount Bank’s wealth management product Self-funded 2,300 1,000 0 Broker’s wealth management product Idle raised funds 28,000 0 0 Total 30,300 1,000 0 High-risk wealth management transactions with a significant single amount, or with low security, low liquidity or no principal protection: □ Applicable √ Not applicable Wealth management transactions with possible impairments including an expectedly unrecoverable principal: □ Applicable √ Not applicable IX Irregularities in the Provision of Guarantees □ Applicable √ Not applicable No such cases in the Reporting Period. X Occupation of the Company’s Capital by the Controlling Shareholder or any of Its Related Parties for Non-Operating Purposes □ Applicable √ Not applicable No such cases in the Reporting Period. XI Communications with the Investment Community such as Researches, Inquiries and Interviews Received during the Reporting Period □ Applicable √ Not applicable No such cases in the Reporting Period. Hainan Jingliang Holdings Co., Ltd. 28 April 2021 中财网
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