Cynda(603086)2024-08-20 08:55Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥1.27 billion, a decrease of 2.48% compared to ¥1.30 billion in the same period last year[11]. - The net profit attributable to shareholders of the listed company was approximately ¥5.11 million, representing a significant decline of 90.09% from ¥51.55 million year-on-year[11]. - The net profit after deducting non-recurring gains and losses was approximately -¥823,741.19, a decrease of 101.73% compared to ¥47.59 million in the previous year[11]. - The net cash flow from operating activities was approximately -¥12.97 million, a decline of 113.19% from ¥98.32 million in the same period last year[11]. - Basic earnings per share decreased by 91.67% to CNY 0.01 in the first half of 2024 compared to CNY 0.12 in the same period last year[12]. - Diluted earnings per share also fell by 91.67% to CNY 0.01 from CNY 0.12 year-on-year[12]. - The weighted average return on equity dropped by 2.10 percentage points to 0.25% from 2.35% in the previous year[12]. - The company reported a significant increase in accounts receivable by 57.03% to ¥561,150,798.03 from ¥357,362,989.64 year-on-year[27]. - The company reported a net profit margin decline due to increased operating costs, impacting overall profitability[73]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥3.68 billion, an increase of 10.94% from ¥3.32 billion at the end of the previous year[11]. - The net assets attributable to shareholders of the listed company were approximately ¥2.01 billion, a slight increase of 0.43% from ¥2.00 billion at the end of the previous year[11]. - The company's total liabilities reached CNY 1,660,557,470.20, up from CNY 1,306,139,641.33, indicating an increase of around 27%[69]. - Total current assets increased to CNY 2,208,171,862.63 as of June 30, 2024, up from CNY 1,851,809,255.75 at the end of 2023, representing a growth of approximately 19.2%[67]. - The company's total assets amounted to CNY 3,680,338,031.33, compared to CNY 3,317,294,993.02 in the previous year, showing a growth of approximately 10.9%[69]. Operational Highlights - The company reported no significant operational risks that could materially affect its production and operations during the reporting period[2]. - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[2]. - The company has maintained steady growth in domestic and international sales, being recognized as one of the "Top 100 in China's Pesticide Industry" for several consecutive years[20]. - The company is focusing on integrated strategies from research and development to production to strengthen its market competitiveness[15]. - The company aims to enhance its innovation capabilities and product quality in response to the new regulatory framework for the pesticide industry[14]. Environmental Compliance - The company has maintained compliance with environmental regulations, with all wastewater and emissions meeting standards during the reporting period[37]. - The company has established a comprehensive environmental management system to monitor and control emissions effectively[41]. - The company’s wastewater discharge from Weifang Xian Da was 6.23 tons for COD, with a concentration of 157 mg/L, and 0.655 tons for ammonia nitrogen, with a concentration of 13.6 mg/L, also within the permitted limits[41]. - The actual emissions during the reporting period included 0.092 tons of particulate matter and 0.303 tons of sulfur dioxide, both below the permitted limits[40]. - The company has implemented measures to reduce carbon emissions, such as using energy-efficient equipment and promoting water recycling[50]. Research and Development - The company has developed a total of 57 invention patents, with its first proprietary product "Quikazone" receiving dual registration for both active ingredient and formulation on December 28, 2020[18]. - The company is advancing the registration work for innovative products "Pyrazosulfuron" and "Benzoylpropionic acid," with Pyrazosulfuron already passing the agricultural registration review[18]. - The company is focusing on product differentiation and increasing R&D investment to improve production efficiency and competitiveness[21]. - Research and development expenses for the first half of 2024 were CNY 53,916,177.23, a decrease of 6.87% from CNY 57,891,952.94 in the previous year[25]. Market Strategy - The company has adopted a "technology, market, and sales" integrated marketing model to enhance brand influence and competitive advantage[18]. - The company is actively developing the "herbicide + seed" integrated solution, aiming to enhance market competitiveness and create new growth points[24]. - The company is conducting efficacy evaluations for new products in key markets, with positive feedback leading to plans for formal registration[20]. - The company plans to focus on market expansion and new product development in the upcoming quarters[73]. Financial Management - The company has implemented a modern procurement management system to enhance procurement efficiency and reduce costs, ensuring high-quality raw materials[18]. - The company plans to optimize procurement processes and strengthen cost control to mitigate raw material price fluctuations[33]. - The company is exposed to foreign exchange risks due to a significant portion of sales being exported and settled in USD[33]. - The company will implement foreign exchange risk management strategies, including forward contracts and hedging tools, to mitigate financial losses[33]. Shareholder Information - The number of ordinary shareholders as of the end of the reporting period is 17,583[60]. - The largest shareholder, Wang Xianquan, holds 126,809,515 shares, representing 29.16% of the total shares[64]. - The second-largest shareholder, Chen Mingyu, holds 32,338,834 shares, representing 7.44% of the total shares[64]. - The company has not proposed any profit distribution or capital reserve transfer plans for the half-year period[37]. Accounting Policies - The financial statements were approved by the board of directors on August 20, 2024[98]. - The company adheres to the accounting standards issued by the Ministry of Finance, ensuring the financial statements reflect the true financial position and results of operations[102]. - The company uses RMB as its functional currency, while overseas subsidiaries use the currency of their primary economic environment[105]. - The company has established materiality thresholds for various financial items, such as 0.5% of total assets for significant bad debt provisions[106].