众兴菌业(002772) - 2024 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2024 was ¥914,678,822.16, a decrease of 10.22% compared to ¥1,018,855,736.53 in the same period last year[11]. - The net profit attributable to shareholders of the listed company was ¥29,478,836.92, down 85.07% from ¥197,475,000.63 in the previous year[11]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥20,449,322.06, a decline of 89.29% compared to ¥190,961,355.62 in the same period last year[11]. - The net cash flow from operating activities was ¥180,800,164.60, a decrease of 44.46% from ¥325,536,843.68 in the previous year[11]. - Basic earnings per share were ¥0.0750, down 85.08% from ¥0.5026 in the same period last year[11]. - Diluted earnings per share were ¥0.0750, a decrease of 84.66% compared to ¥0.4889 in the previous year[11]. - The company's operating revenue for the reporting period was ¥914,678,822.16, a decrease of 10.22% compared to the same period last year, primarily due to a decline in the average selling price of enoki mushrooms[35]. - The company's operating costs increased by 8.09% to ¥752,644,921.45, attributed to an increase in production and sales volume compared to the previous year[35]. - The company reported a significant increase of 21.80% in financial expenses to ¥22,059,285.39, mainly due to fluctuations in exchange gains and losses[35]. Revenue Breakdown - Revenue from agricultural planting was ¥913,748,195.18, accounting for 99.90% of total revenue, down 10.32% year-on-year[37]. - Revenue from the product "Golden Needle Mushroom" was ¥381,642,812.82, a decline of 29.22% from ¥539,211,911.55 in the previous year[36]. - Revenue from "Button Mushroom" increased by 10.16% to ¥524,548,998.16, compared to ¥476,152,212.42 last year[36]. - The company experienced a significant increase in revenue from "Cordyceps" by 116.42%, reaching ¥7,556,384.20 compared to ¥3,491,612.56 last year[36]. Assets and Liabilities - The total assets at the end of the reporting period were ¥6,172,257,763.78, an increase of 1.62% from ¥6,073,765,300.40 at the end of the previous year[11]. - The net assets attributable to shareholders of the listed company were ¥3,343,995,387.42, down 2.58% from ¥3,432,488,958.20 at the end of the previous year[11]. - Cash and cash equivalents at the end of the reporting period were ¥1,244,675,833.39, representing 20.17% of total assets, an increase from 17.10% last year[39]. - Short-term borrowings increased to ¥456,332,856.22, accounting for 7.39% of total liabilities, up from 5.11% last year[40]. - Long-term borrowings rose to ¥1,444,270,950.61, making up 23.40% of total liabilities, compared to 17.69% at the end of the previous year[40]. Investment and Subsidiaries - The company established a new subsidiary, Xinxiang Zhongxing Biotechnology Co., Ltd., with an investment of CNY 5,000,000, holding a 100% stake[46]. - The company also set up Tianjin Zhongxing Investment Co., Ltd. with an investment of CNY 10,000,000, also holding a 100% stake[46]. - The company reported a loss of CNY 1,204,142.41 from its investment in Tianshui Jinxing Biotechnology Co., Ltd.[45]. - The company has successfully transferred the rights to 4 new varieties of button mushrooms from the Fujian Academy of Agricultural Sciences, further strengthening its product portfolio[29]. Research and Development - Research and development expenses rose by 17.14% to ¥6,974,968.15, mainly due to increased investment in R&D materials and personnel salaries[35]. - The company added 4 new patents during the reporting period, while 3 patents expired, with no significant changes in other intangible assets[29]. Market and Sales Strategy - The sales price of enoki mushrooms decreased by approximately 42% compared to the same period last year, significantly impacting profitability[20]. - The company employs a factory-based production model, allowing for year-round production and stable supply, mitigating market risks[22]. - The procurement strategy emphasizes quality and cost control, ensuring stable production through effective supplier management[24]. - The sales model primarily relies on distributors, with ongoing exploration of new sales channels to enhance market presence[26]. Environmental and Safety Compliance - The company has obtained pollution discharge permits valid until December 10, 2027, for its main facility[75]. - The wastewater treatment facility has a processing capacity of 600 m³/d and operates under the A/O biological contact oxidation process[76]. - The company reported no exceedances in wastewater discharge standards for key pollutants such as CODcr and BOD5[76]. - The company adheres to multiple environmental protection laws and standards, including the Environmental Protection Law and the Air Pollution Prevention Law[73]. Governance and Shareholder Matters - The company held its first extraordinary general meeting in 2024 with a participation rate of 38.36% and the annual general meeting with a participation rate of 38.39%[66]. - The company did not distribute cash dividends or issue bonus shares during the reporting period, nor did it increase capital through reserves[68]. - The employee stock ownership plan includes 269 employees holding a total of 9,000,000 shares, representing 2.29% of the company's total equity[68]. - The company appointed new independent directors and a deputy general manager on April 16, 2024, following the expiration of terms for several board members[67]. Risk Management - The company faces risks from industry competition leading to price declines, with increased market supply from new entrants affecting profitability[58]. - To mitigate risks, the company plans to enhance brand influence and product quality, focusing on green and safe consumption concepts[58]. - Seasonal fluctuations in sales prices and profits are a concern, with the second quarter traditionally being a low-demand period for mushrooms[59]. - The company aims to diversify its product offerings and extend its supply chain to reduce the impact of seasonal volatility on financial performance[59]. Financial Management - The company has entrusted financial management with a total amount of 330 million CNY, with an outstanding balance of 310 million CNY[103]. - The company has no overdue amounts in its entrusted financial management[103]. - The company has engaged in fixed income asset management plans totaling 30 million CNY, with no amounts recovered yet[104][106]. Accounting Policies - The company’s financial statements comply with the requirements of the accounting standards and reflect the financial position as of June 30, 2024[164]. - The company’s revenue recognition policies are tailored to its operational characteristics, adhering to relevant accounting standards[163]. - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[182].