OXGF(300082)2024-08-05 12:08Financial Performance - Revenue for the reporting period was RMB 1,836,117,836.40, a decrease of 10.00% compared to the same period last year[12] - Net profit attributable to shareholders of the listed company was RMB -100,781,590.33, an improvement of 32.87% compared to the same period last year[12] - Net cash flow from operating activities was RMB -408,059,362.80, a significant decrease of 1,074.27% compared to the same period last year[12] - Total assets at the end of the reporting period were RMB 5,522,053,297.20, a slight increase of 0.11% compared to the end of the previous year[12] - The company's non-recurring gains and losses amounted to RMB 9,316,068.26, including government subsidies of RMB 6,441,324.91[14][15] - The company's revenue for the first half of 2024 was 1.84 billion yuan, a year-on-year decrease of 10%, with a net loss attributable to shareholders of 100.78 million yuan[30] - The company's performance loss was primarily due to insufficient market demand for its main products, overcapacity, and intensified industry competition, leading to a significant decline in gross profit[30] - Revenue for the reporting period was 1.84 billion yuan, a decrease of 10.00% year-on-year, primarily due to a decline in product sales[34] - Net cash flow from operating activities was -408.06 million yuan, a significant decrease of 1,074.27% year-on-year, mainly due to increased cash payments for goods[34] - Management expenses increased by 33.99% year-on-year to 83.59 million yuan, primarily due to increased shutdown losses and repair costs[34] - Net cash flow from financing activities increased by 1,699.78% to 254,717,700.42 yuan, mainly due to increased borrowing during the reporting period[35] - Net cash and cash equivalents decreased by 120.79% to -65,586,364.24 yuan, primarily due to higher net cash outflows from operating activities compared to cash inflows from investing and financing activities[35] - Revenue from polyether monomers decreased by 20.32% to 1,200,629,333.34 yuan, with a corresponding decrease in cost of 21.12%[35] - Revenue from polyethylene glycol increased by 26.21% to 231,013,097.78 yuan, with a cost increase of 25.96%[35] - Fixed assets increased by 4.17% to 1,809,106,458.23 yuan, mainly due to the pre-transfer of the Hainan Aoke 200,000 tons/year epoxy-derived green energy new materials project[39] - Short-term borrowings increased by 6.44% to 1,557,982,990.99 yuan, primarily used to supplement working capital[39] - Accounts receivable increased by 2.02% to 457,267,192.19 yuan, mainly due to adjustments in customer repayment policies[39] - Inventory increased by 3.14% to 436,390,337.57 yuan, primarily due to an increase in stock goods at the end of the reporting period[39] - The company's cash and cash equivalents decreased to RMB 408.85 million from RMB 427.55 million at the beginning of the period[157] - Accounts receivable increased to RMB 457.27 million from RMB 345.28 million, reflecting a growth of 32.4%[157] - Inventory rose significantly to RMB 436.39 million from RMB 262.71 million, an increase of 66.1%[157] - Total current assets slightly increased to RMB 1.95 billion from RMB 1.90 billion[157] - Fixed assets grew to RMB 1.81 billion from RMB 1.58 billion, indicating a 14.7% increase[158] - Short-term borrowings increased to RMB 1.56 billion from RMB 1.20 billion, a 29.7% rise[158] - Total liabilities increased to RMB 2.46 billion from RMB 2.34 billion[159] - Retained earnings decreased to RMB 225.08 million from RMB 325.86 million, a drop of 30.9%[159] - Total equity decreased to RMB 3.07 billion from RMB 3.18 billion[159] - The company's total assets remained relatively stable at RMB 5.52 billion compared to RMB 5.52 billion at the beginning of the period[159] - Total operating revenue for the first half of 2024 was 1,836,117,836.40 RMB, a decrease from 2,040,052,741.10 RMB in the same period of 2023[163] - Total operating costs for the first half of 2024 were 1,958,076,533.61 RMB, compared to 2,197,133,098.00 RMB in the first half of 2023[164] - The company reported a net loss of 115,170,596.29 RMB for the first half of 2024, compared to a net loss of 147,100,682.80 RMB in the same period of 2023[164] - Total assets as of the end of the first half of 2024 were 4,146,825,935.51 RMB, an increase from 3,924,316,094.02 RMB at the end of the first half of 2023[161] - Total liabilities as of the end of the first half of 2024 were 1,277,446,638.75 RMB, up from 1,081,507,840.66 RMB at the end of the first half of 2023[162] - The company's total equity as of the end of the first half of 2024 was 2,869,379,296.76 RMB, compared to 2,842,808,253.36 RMB at the end of the first half of 2023[162] - Research and development expenses for the first half of 2024 were 21,196,006.20 RMB, a decrease from 25,753,234.24 RMB in the same period of 2023[164] - The company's accounts receivable as of the end of the first half of 2024 were 28,420,654.90 RMB, down from 36,672,838.40 RMB at the end of the first half of 2023[161] - Total current assets as of the end of the first half of 2024 were 939,372,952.08 RMB, an increase from 712,413,250.29 RMB at the end of the first half of 2023[161] - The company's inventory as of the end of the first half of 2024 was 17,111,143.43 RMB, down from 24,545,277.46 RMB at the end of the first half of 2023[161] - Revenue for the first half of 2024 was RMB 243.72 million, a decrease of 1.97% compared to RMB 248.63 million in the same period of 2023[167] - Net profit attributable to the parent company's shareholders was a loss of RMB 100.78 million, compared to a loss of RMB 150.12 million in the first half of 2023, showing a reduction in losses[165] - Operating cash flow for the first half of 2024 was negative RMB 408.06 million, a significant decline from the positive RMB 41.88 million in the same period of 2023[169] - Sales of goods and services generated cash inflows of RMB 1.97 billion in the first half of 2024, an increase of 4.46% compared to RMB 1.88 billion in the same period of 2023[169] - The company's R&D expenses decreased by 21.30% to RMB 3.33 million in the first half of 2024, down from RMB 4.24 million in the same period of 2023[167] - Basic earnings per share (EPS) for the first half of 2024 was a loss of RMB 0.15, an improvement from the loss of RMB 0.22 in the same period of 2023[165] - Total comprehensive income for the first half of 2024 was a loss of RMB 99.63 million, compared to a loss of RMB 144.18 million in the same period of 2023[165] - The company's income tax expense for the first half of 2024 was RMB 167,003, compared to a tax benefit of RMB 822,231 in the same period of 2023[167] - Cash received from tax refunds increased by 54.89% to RMB 49.06 million in the first half of 2024, up from RMB 31.67 million in the same period of 2023[169] - The company's financial expenses increased by 13.46% to RMB 8.55 million in the first half of 2024, compared to RMB 7.54 million in the same period of 2023[167] - Investment activities generated a net cash flow of RMB 83.97 million, compared to RMB 285.91 million in the previous period[171] - Financing activities resulted in a net cash inflow of RMB 254.72 million, a significant improvement from a net outflow of RMB 15.92 million in the prior period[171] - The company's cash and cash equivalents decreased by RMB 65.59 million, ending the period with RMB 350.81 million[171] - Operating activities generated a net cash flow of RMB 275.59 million, a substantial recovery from a net outflow of RMB 113.00 million in the previous period[172] - Investment activities resulted in a net cash outflow of RMB 267.86 million, compared to a net inflow of RMB 40.61 million in the prior period[173] - Financing activities generated a net cash inflow of RMB 118.74 million, a significant improvement from a net outflow of RMB 2.33 million in the previous period[173] - The company's cash and cash equivalents increased by RMB 5.40 million, ending the period with RMB 57.51 million[173] - Total owner's equity at the end of the period was RMB 3.18 billion, with minority interests amounting to RMB 236.51 million[174] - The company's initial balance for the period was RMB 680,098,200.00, with total assets of RMB 3,176,061,360.63[175] - The company's comprehensive income for the period decreased by RMB 100,781,590.33, resulting in a total comprehensive income of RMB -101,013,623.95[175] - The company's profit distribution to shareholders amounted to RMB -11,416,860.31[175] - The company's special reserve decreased by RMB 481,698.20, with a total usage of RMB 15,484,012.69[176] - The company's ending balance for the period was RMB 680,098,200.00, with total assets of RMB 3,065,460,269.67[176] - The company's capital reserve increased by RMB 721,945.55 during the period[178] - The company's comprehensive income for the period decreased by RMB 150,119,945.46, resulting in a total comprehensive income of RMB -150,068,829.29[178] - The company's profit distribution to shareholders amounted to RMB -18,788,585.93[178] - The company's total comprehensive income for the first half of 2024 was RMB 25,708,498.33[181] - The company's capital reserve increased by RMB 810,508.58 during the first half of 2024[182] - The company's special reserve increased by RMB 52,036.49 in the first half of 2024[182] - The company's undistributed profit increased by RMB 25,708,498.33 in the first half of 2024[181] - The company's total owner's equity at the end of the first half of 2024 was RMB 2,869,379,296.76[182] - The company's capital reserve at the end of the first half of 2024 was RMB 1,743,874,880.26[182] - The company's special reserve at the end of the first half of 2024 was RMB 3,264,404.54[182] - The company's undistributed profit at the end of the first half of 2024 was RMB 240,430,416.86[182] - The company's total owner's equity at the beginning of 2024 was RMB 2,842,808,253.36[181] - The company's capital reserve at the beginning of 2024 was RMB 1,743,064,371.68[181] - The company's total assets as of the end of the reporting period amounted to RMB 2,878,278,683.85[185] - The company's operating income for the current period was RMB 2,359,966.73[185] - The company's net profit for the current period was RMB 721,945.55[185] - The company's registered capital as of June 30, 2024, was RMB 680,098,200.00[186] - The company's total liabilities as of the end of the reporting period amounted to RMB 1,740,740,088.71[185] - The company's total equity as of the end of the reporting period amounted to RMB 252,464,444.13[185] - The company's cash and cash equivalents as of the end of the reporting period amounted to RMB 201,711,395.10[185] - The company's total revenue for the current period was RMB 3,264,555.91[185] - The company's total expenses for the current period were RMB 2,359,966.73[185] - The company's total comprehensive income for the current period was RMB 721,945.55[185] Business Operations and Projects - The company's new lithium battery additive material project, with a capacity of 20,000 tons of ethylene sulfite (ES), was completed and put into production in January 2024[16] - The company's traditional epoxy derivative products, including polyether monomers for water reducers, are widely used in large-scale infrastructure projects both domestically and internationally[16] - The company's new energy materials sector includes products such as ethylene carbonate (EC) and dimethyl carbonate (DMC), which are primarily used in lithium battery electrolytes[16] - From January to June 2024, national fixed asset investment (excluding rural households) was RMB 245,391 billion, an increase of 3.9% year-on-year, with infrastructure investment (excluding electricity, heat, gas, and water production and supply) increasing by 5.4%[16] - The company's lithium-ion battery electrolyte solvent production uses ethylene carbonate, a green fine chemical raw material, with demand closely tied to lithium battery demand, showing a gradual slowdown in growth[18] - In H1 2024, China's new energy vehicle production and sales reached 4.929 million and 4.944 million units respectively, with year-on-year growth rates of 30.1% and 32%, maintaining a market share of 35.2%[18] - China's electrolyte market shipments in 2023 were 1.11 million tons, a year-on-year increase of 31.5%, with June 2024 production reaching 109,810 tons, up 11.9% year-on-year[19] - The global lithium battery market is expected to reach nearly 2,400GWh by 2025, with power batteries accounting for over 1,700GWh, driving more than 70% of the market growth[18] - The domestic pharmaceutical excipients market is expected to grow steadily due to aging population, medical insurance expansion, and increasing demand for pharmaceutical products[20] - China's pharmaceutical excipients market is characterized by intense competition in low-end products and reliance on imports for high-end products, with policies supporting domestic high-quality development[20] - The non-ionic surfactant industry is expected to maintain stable demand growth, driven by the personal care and detergent sectors, with a focus on green and sustainable development[21] - The global construction chemicals market is expected to benefit from infrastructure development in developing countries and emerging economies, particularly in ASEAN regions[17] - The domestic water-reducing agent polyether monomer market faces short-term profit pressure due to insufficient demand and overcapacity, but long-term prospects remain positive[17] - The company's pharmaceutical excipients, primarily high-purity polyethylene glycol, are used in various downstream products including pills, suppositories, and soft capsules[20] - The company's market share of polyether monomer for water-reducing agents remains at the top of the domestic industry, but the market faces overcapacity and weak demand, leading to low prices[22] - The company's carbonate series products achieved a total sales volume of 12,500 tons in the first half of 2024, a year-on-year decrease of 37%, due to increased market competition and reduced profitability[23] - The company's new 20,000-ton ethylene sulfite (ES) project for lithium battery additives was completed and put into production in January 2024, marking the first international use of a new industrial production process[23] - The company's pharmaceutical polyethylene glycol excipients are supplied to over 400 domestic pharmaceutical companies, with plans to expand into overseas markets[24] - The company's non-ionic surfactants, such as OXOE and FMEE, are environmentally friendly and align with national green development policies, offering new growth opportunities[25] - The company has implemented measures such as customer-centric marketing management and elevating subsidiaries to operating entities to achieve loss reduction and efficiency improvement[30] - Export sales reached 35,400 tons, a year-on-year increase of 28.57%[31] - The company obtained 17 authorized patents in the first half of 2024, including 10 invention patents and 7 utility model patents, bringing the total number of valid patents to 330[32] - R&D investment for the reporting period was 62.52 million yuan, a decrease of 14.75% year-on-year[34] - The company's production capacity includes 300,000 tons of commodity ethylene oxide and 1.6 million tons of ethoxylation standard capacity[31] - The company's sales service network covers 80% of customers within a 500-kilometer radius of its production bases[31] - The company has established strategic partnerships with major suppliers such as Sinopec and PetroChina for secure ethylene oxide pipeline delivery[31] - The company's production bases are located in key regions including Liaoning, Jilin, Jiangsu, Hubei, Sichuan, Guangdong,