*ST Middle Velvet ((000982):2018 Net Loss Of 2 Billion 923 Million Yuan In The First Quarter, A Loss Of 200 Million Yuan, -2.5 Billion Yuan

Ge Long Hui April 12th *ST 000982.SZ released its 2018 annual performance bulletin, achieving a total revenue of 2 billion 143 million yuan, down 23.26% from the same period last year, a net loss of 2 billion 923 million yuan attributable to shareholders of listed companies, a profit of 47 million 962 thousand and 200 yuan last year, and a basic loss of 1.6196 yuan per share.

During the reporting period, the price of raw materials increased faster than the previous period, and the gross margin of sales decreased from the same period last year, which affected the company's performance. From the beginning of the reporting period, the company's funds continued to be tight, and the company's working capital affected the raw material procurement. The company's orders fell more than that of the same period last year, resulting in a faster increase in unit production costs and a decrease in gross profit margin compared with the same period last year, affecting the company's performance.

In addition, the company has a large overdue debt, and the related debt interest and penalty interest increase more than the same period last year, affecting the company's performance. Due to the deterioration of the company's overall operating environment, some of the assets of the company are idle. The company has made some allowance for some assets, affecting the public Si Yeji. The amount of accounts receivable has not yet been recovered, the accounts age is longer than the previous period, and the corresponding impairment provision is more, which will affect the company's performance.

Affected by the company's various lawsuits, the financing environment changes, the company's funds are more intense, and the procurement of raw materials is limited, which will have a huge impact on the production and operation in the later stage.

In addition, the company expects a net loss of 200 million yuan in the first quarter of 2019 to shareholders of listed companies, -2.5 yuan, a loss of 166 million yuan in the same period last year.

Affected by the deterioration of the company's overall business environment, the shortage of working capital, the lack of timely procurement of raw materials, the company's orders fell more than the same period last year, resulting in a faster increase in unit production costs, a decline in gross profit margin compared with the same period last year, and a decline in the company's performance. The company had a large overdue debt, and the related debt interest and penalty increased more than the same period last year, affecting the company's performance.