Financial Performance - The company's operating revenue for the first half of 2024 was ¥183,479,301.15, a decrease of 2.50% compared to ¥188,193,428.26 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was -¥8,785,872.73, representing a decline of 119.22% from ¥45,716,551.06 in the previous year[13]. - The gross profit margin for the first half of 2024 was 21.60%, down from 36.52% in the same period last year[13]. - The weighted average return on net assets based on the net profit attributable to shareholders was -1.03%, a significant decrease from 10.38% in the previous year[13]. - The company's current ratio decreased to 1.72 from 2.31 in the previous year, indicating a decline in short-term financial health[14]. - The net cash flow from operating activities for the current period is -5,392,141.80 CNY, compared to -88,473,933.57 CNY in the same period last year[16]. - The total profit decreased by 118.66%, aligning with the drop in operating profit due to reduced market demand[34]. - The company expects a loss of 20 million to 23 million yuan for the period from January to September 2024, significantly down from the same period last year due to decreased market demand and a substantial drop in product sales prices[42]. - The company's total comprehensive income for the first half of 2024 was -9,417,362.33 CNY, compared to 45,110,229.87 CNY in the same period of 2023[81]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,392,083,456.26, an increase of 15.66% from ¥1,203,569,648.65 at the end of the previous year[14]. - The total liabilities increased by 60.26% to ¥558,216,275.55 from ¥348,309,481.77 in the previous year[14]. - The company's cash and cash equivalents decreased by 44.47% to CNY 118,013,504.86 due to significant investments in a new 30,000-ton high-end special graphite project[31]. - The construction in progress increased by 102.18% to CNY 288,225,792.28, reflecting ongoing investments in the high-end special graphite project[31]. - Long-term borrowings surged by 2,056.38% to CNY 108,000,000.00 as the company applied for a project loan of CNY 300 million, with CNY 108 million already disbursed[31]. - Inventory accounted for 30.04% of total assets, increasing by 8.14% to CNY 418,213,645.17, indicating a buildup of materials for production[30]. - The company reported a 63.03% increase in accounts payable to CNY 120,623,181.25, attributed to pre-invoicing by suppliers for the new project[31]. - Deferred tax assets rose by 46.97% to CNY 7,427,953.14, due to provisions for bad debts and inventory write-downs[31]. Research and Development - The company obtained 4 new patents in the first half of 2024, bringing the total number of independent intellectual property rights to 146, including 11 invention patents[2]. - The company is actively developing high-performance metal-carbon graphite materials and fuel cell carbon-based bipolar plate production technology projects[22]. - The company has invested tens of millions of CNY annually in R&D, focusing on process innovation and product quality improvement[22]. - Research and development expenses for the first half of 2024 were CNY 6,605,092.17, slightly down from CNY 6,752,347.35 in the previous year[78]. Market and Industry Outlook - The company anticipates growth in the special graphite market driven by government support for new materials and increasing demand in downstream industries[29]. - The special graphite industry is expected to see enhanced competitiveness as companies with integrated production capabilities gain market share[29]. - The company is focusing on expanding its application of special graphite in semiconductor, aerospace, and nuclear power sectors[29]. - The overall market for special graphite is projected to grow due to the strengthening of solar energy policies and rising demand in the lithium-ion battery sector[29]. Shareholder and Equity Information - The company issued 32,000,000 shares at a price of 12.60 CNY per share, raising a total of 403,200,000 CNY before expenses, with a net amount of 368,705,297.92 CNY after deducting issuance costs[63]. - The number of unrestricted shares increased from 55,643,299 to 60,493,299, representing a rise from 46.76% to 50.83% of total shares[59]. - The company’s core employee shareholding decreased from 1,048,080 to 99,795 shares, a drop of 90.48%[59]. - The company distributed 11,900,000.00 CNY to shareholders during the current period[87]. - The total owner's equity at the end of the current period is 833,867,180.71 CNY, reflecting a decrease of 21,392,986.17 CNY[86]. Financial Management and Accounting Policies - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, reflecting the company's financial status as of June 30, 2024[102]. - The company has not reported any significant changes in accounting policies or estimates compared to the previous year[95]. - The company has implemented changes in accounting policies in accordance with the new accounting standards effective from January 1, 2024[194]. - The company must classify liabilities as current or non-current based on the substantive rights to defer settlement beyond one year[194]. Cash Flow and Financing Activities - The company’s investment activities generated a net cash outflow of -¥241,025,330.33, a significant increase compared to -¥11,581,276.61 last year[40]. - Cash inflow from financing activities totaled CNY 256,964,952.38, down 45.5% from CNY 472,965,091.63 in the same period last year[83]. - Net cash flow from financing activities was CNY 153,049,629.14, a significant decrease from CNY 454,931,453.73 in the first half of 2023[83]. - The ending cash and cash equivalents balance was CNY 107,236,504.86, down from CNY 374,822,753.16 year-over-year[83]. Compliance and Regulatory Matters - The company has obtained the high-tech enterprise certificate on November 22, 2023, valid for three years, allowing it to enjoy a reduced corporate income tax rate of 15%[200]. - The subsidiary Xinxin Carbon enjoys a corporate income tax rate of 5% due to preferential policies for small and micro enterprises, applicable to taxable income not exceeding 1 million yuan[200]. - The company is subject to various corporate income tax rates, including 15%, 5%, and 25% for different subsidiaries[198][199].
东方碳素(832175) - 2024 Q2 - 季度财报