Jing Hao
[外语] 感谢各位参加本次电话会议。接下来，我代表管理层团队，将总结2021年第一季度的一些关键财务业绩。同时，我会偶尔提及与各类产品相关的特定生产线。我会明确说明我所指的产品。作为参考，我们生产线的编号系统在第17页幻灯片上提供。现在，让我们来看一下2021年第一季度的财务表现。请翻到第7页幻灯片。2021年第一季度，总收入增长176.9%至2420万美元，这得益于瓦楞芯纸（CMP）和胶版印刷纸销量的增加，以及CMP和卫生纸产品平均售价（ASP）的提升。翻到第8页幻灯片。2021年第一季度，CMP业务板块（包括普通CMP和轻量CMP）创造了2070万美元的收入，占总收入的85.6%。其中1700万美元收入来自我们的普通CMP产品，370万美元来自轻量CMP。CMP板块销量大幅增长121.1%至41,296吨，其中33,626吨为普通CMP，7,670吨为轻量CMP。普通CMP的平均售价（ASP）上涨21.5%至每吨504美元，轻量CMP的ASP上涨18.7%至每吨489美元。翻到第9页幻灯片。2021年第一季度，我们确认了210万美元的胶版印刷纸产品收入，这来自3,142吨的销量和每吨673美元的ASP。翻到第10页幻灯片。2021年第一季度，我们确认了130万美元的卫生纸产品收入，这来自1,120吨的销量和每吨1,117美元的ASP。翻到第11页幻灯片。我们在整个2020年第一季度销售了3,836千片口罩，并从中产生了13万美元的收入。第12页幻灯片总结了我们的收入结构变化。2021年第一季度，总销售成本增加1350万美元至2240万美元，导致总毛利润为180万美元，较去年同期的毛亏损20万美元增长了1178.8%，我们的整体利润率为7.6%。2021年第一季度，销售、一般及管理费用（SG&A）下降5.3%至260万美元；运营亏损为70万美元，而去年同期运营亏损为290万美元。运营亏损率为3%，而去年同期运营亏损率为32.8%。2021年第一季度，净亏损为430万美元，导致基本和稀释每股净亏损0.12美元；相比之下，去年同期净亏损为240万美元，或基本和稀释每股净亏损0.11美元。2021年第一季度，息税折旧摊销前利润（EBITDA）减少111万美元至负7万美元，而去年同期为104万美元。翻到第19和20页幻灯片。让我们看一下资产负债表和流动性。截至2021年3月31日，公司的现金及银行存款、短期债务（包括银行贷款、信用合作社长期贷款当期部分及关联方贷款）以及长期债务（包括关联方贷款）分别为3740万美元、1210万美元和460万美元；相比之下，2020年末分别为410万美元、1220万美元和460万美元。截至2021年3月31日，净应收账款为520万美元，而2020年12月31日为240万美元。截至2021年3月31日，净库存为740万美元，而2020年12月末为120万美元。截至2021年3月31日，公司拥有流动资产6110万美元和流动负债2020万美元，营运资本为4090万美元。相比之下，2020年末流动资产为1490万美元，流动负债为1830万美元，营运资本赤字为340万美元。2021年第一季度，经营活动所用现金净额为830万美元，而去年同期经营活动提供的现金净额为690万美元。2021年第一季度，投资活动所用现金净额为4万美元，而去年同期为76万美元。2021年第一季度，融资活动提供的现金净额为4180万美元，而去年同期融资活动提供的现金净额为零。
Jing Hao
[Foreign Language] Thanks everyone for being on the call. Next on behalf of the management team, I will summarize some key financial results for the first quarter of 2021. Also I will occasionally refer to specific production lines associated with various products. I will make clear which products I'm referring to. For reference, the numbering system for our production line is provided on slide number 17. Now, let's look at our financial performance for the first quarter of 2021. Please turn to Slide number 7. For the first quarter of 2021, total revenue increased 176.9% to $24.2 million due to the increase in sales volume of Corrugating medium paper CMP and offset printing paper and increase in average selling prices, ASPs of CMP and tissue paper products. Turning to Slide 8. For the first quarter of 2020, the CMP segment including both regular CMP and light-weight CMP generated revenue of $20.7 million, representing 85.6% of total revenue. $17 million of revenue was from our regular CMP products and $3.7 million was from light-weight CMP. CMP segment volumes significantly increased by 121.1% to 41,296 tonnes, of which 33,626 tonnes were regular CMP and 7,670 tonnes were light-weight CMP. Average selling price, or ASP, for regular CMP increased by 21.5% to $504 per tonne and ASP for light-weight CMP increased by 18.7% to $489 per tonne. Turning to Slide 9. For the first quarter of 2021, we recognised revenue of $2.1 million from offset printing paper products, resulting from sales of 3,142 tonnes and an ASP of $673 per tonne. Turning to Slide 10. We recognized revenue of $1.3 million from tissue paper products for the first quarter of 2021, resulting from sales of 1,120 tonnes and an ASP of $1,117 per tonne. Turning to Slide 11. We sold 3,836 thousand pieces of face masks and generated revenue of $0.13 million from selling face masks throughout the first quarter 2020. Slide number 12 summarizes the changes in our revenue mix. For the first quarter of 2021, total cost of sales increased by $13.5 million to $22.4 million leading to total gross profit of $1.8 million, 1178.8% increase from gross loss of $0.2 for same period last year and our overall profit margin of 7.6%. For the first quarter of 2021, SG&A expenses decreased by 5.3% to $2.6 million losses from operations were $0.7 million compared to loss from operations of $2.9 for the same period of last year. Operating loss margin were 3% compared to operating loss margin of 32.8% for the same period last year. For the first quarter of 2021, net loss was $4.3 million, resulting in a net loss of $0.12 per basic and diluted share, this compare to a net loss of $2.4 million or net loss of $0.11 per basic and diluted share for the same period last year. For the first quarter of 2021, earnings before interest, taxes, deprecation and amortization decreased by $1.11 million to negative $0.07 million from $1.04 million for the same period of last year. Moving to slide 19 and 20. Let’s look at the balance sheet and liquidity. As of March 31, 2021 the company had cash and bank balances, short-term debt, including bank loans, current portion of long-term loans from credit union and related party loans, and long-term debt, including related party loans of $37.4 million, $12.1 million and $4.6 million respectively, compared to $4.1 million, $12.2 million and $4.6 million, respectively, as end of 2020. Net accounts receivable was $5.2 million as of March 31, 2021, compared to $2.4 million as of December 31, 2020. Net inventory was $7.4 million as of March 31, 2021 compared to $1.2 million at the end of December 2020 As of March 31, 2021, the company had current assets of $61.1 million and current liabilities of $20.2 million, resulting in a working capital of $40.9 million. This was compared to current assets of $14.9 million and current liabilities of $18.3 million, resulting in a working capital deficit of $3.4 million at the end of 2020. Net cash used in operating activities was $8.3 million for the first quarter of 2021, compared to net cash provided by operating activities of $6.9 million for the same period last year. Net cash used in investing activities was $0.04 million for the first quarter of 2021, compared to $0.76 million for the same period last year. Net cash provided by financing activities was $41.8 million for the first quarter of 2021, compared to net cash from financing activities of zero for the same period of last year.
