Summary of the results for the first three quarters of 2009. From January to September 2009, the company achieved operating income of 221 million yuan, down 25.85% from the same period last year; operating profit was-36.82 million yuan, down 3.61% from the same period last year; net profit belonging to the parent company was-33.1 million yuan, down 4.66 times from the same period last year; and earnings per share was-0.09 yuan. The company posted a quarterly loss for the second time this year.
Overview of the company's fundamentals: the company's main business is real estate development and sales, soybean processing business and pharmaceutical business. The major shareholder of the company is Xinhu Group, which has a registered capital of 660 million yuan, the business scope is industrial investment and development, and is the actual controller of Xinhu Zhongbao, a listed company in Shanghai. Harbin Hi-Tech focuses on soybean deep processing business. Harbin Hi-Tech Soybean Food Co., Ltd. is a demonstration enterprise of the national soybean action plan. The company introduces 110 sets of advanced equipment and adopts many advanced technologies such as the production of more than 30 kinds of soybean protein isolate extraction technology and formula, oligosaccharide tertiary membrane separation technology and so on. The real estate business is another performance pillar of the company. The "New Lake Kangqiao" project, developed in 2008 in Daoli District, Harbin, is currently the main project on sale, and the sales situation is good.
Analysis of the company's three quarterly reports: the company lost money in the first three quarters and its net profit decreased by 4.66 times compared with the same period last year, mainly due to the lack of income recognition conditions for real estate income and the decline in the efficiency of soybean deep processing business. The "New Lake Kangqiao" project, which was developed in 2008 in Daoli District, Harbin City, is the main project that the company is currently selling. At present, the sales situation is good, but because part of the purchase money received does not have the conditions to be recognized as sales revenue, it is not reflected in the company's revenue and profits in 2009.
In addition, the company has no more commercial housing projects for sale. In terms of soybean deep processing business, the rising price of steam for production and the high price of raw materials in stock of the subsidiary Harbin Hi-Tech Soybean Food Co., Ltd. increased production costs, at the same time, due to the decline in foreign demand led to a decline in sales, profits dropped significantly in the first three quarters of 2009, which is also one of the main reasons for the company's losses in the first three quarters.
"New lake" enterprises, there is the possibility of asset restructuring: the company's major shareholder New Lake Group has previously integrated its assets, New Lake Zhongbao absorbed and merged the new lake business, while Hartech, which also belongs to the new lake system, is also likely to be restructured.
Risk hint. The company expects operating losses in 2009, and the company's soybean deeply processed products are mainly exported, and it will take time for demand to recover, reminding investors to pay attention to investment risks.