New East(603110)2024-08-28 09:11Financial Performance - The company's operating revenue for the first half of 2024 was ¥183,702,498.04, representing a 2.36% increase compared to ¥179,458,388.50 in the same period last year[12]. - The net profit attributable to shareholders for the first half of 2024 was ¥5,681,468.73, a decrease of 30.17% from ¥8,135,671.08 in the previous year[12]. - The net profit after deducting non-recurring gains and losses was ¥4,783,260.03, down 26.93% from ¥6,546,523.56 in the same period last year[12]. - The net cash flow from operating activities was ¥9,669,513.08, which is a 13.67% decrease compared to ¥11,200,196.90 in the previous year[12]. - Basic earnings per share for the first half of 2024 were ¥0.03, down 25% from ¥0.04 in the same period last year[13]. - The weighted average return on net assets was 0.82%, a decrease of 0.39 percentage points compared to 1.21% in the previous year[13]. - The company achieved operating revenue of ¥183,702,498.04, a year-on-year increase of 2.36%[21]. - Net profit attributable to shareholders decreased by 30.17% to ¥5,681,468.73, while the non-recurring net profit fell by 26.93% to ¥4,783,260.03[21]. Business Segments - The company's traditional businesses, including inks and polyurethane adhesives, generated revenue of CNY 178.88 million, a slight decrease of 0.21% compared to the same period last year[16]. - The emerging computing power business achieved a breakthrough, generating revenue of CNY 4.83 million in the first half of 2024, marking its first revenue contribution[17]. - The revenue from the computing power business reached ¥4,826,792.45, accounting for 2.64% of total revenue, marking a breakthrough from "0" to "1"[23]. Market Trends - The Chinese intelligent computing service market is projected to reach CNY 19.42 billion in 2023, with a year-on-year growth of 72.5%[18]. - As of August 2024, over 180 generative AI service models have been launched in China, with registered users exceeding 564 million[18]. - The traditional ink industry is increasingly competitive, focusing on product quality, performance optimization, and environmental upgrades[17]. Strategic Initiatives - The company is actively pursuing strategic transformation towards computing power, driven by the growing demand from the AI industry[16]. - Local governments have implemented supportive policies for the intelligent computing industry, enhancing cross-regional computing power scheduling and reducing barriers for enterprises[18]. - The company aims to leverage its competitive advantages in both traditional and emerging markets to sustain stable performance and growth[16]. Research and Development - The company has developed core technologies in the synthesis of connecting resin for eco-friendly inks, enhancing product innovation capabilities and reducing costs[19]. - Research and development expenses increased by 20.82% to ¥8,081,231.99, reflecting higher employee compensation and depreciation costs[22]. Financial Position - The total assets at the end of the reporting period were ¥836,818,615.83, a decrease of 2.44% from ¥857,754,091.77 at the end of the previous year[12]. - The net assets attributable to shareholders at the end of the reporting period were ¥694,607,609.38, reflecting a 0.82% increase from ¥688,926,140.65 at the end of the previous year[12]. - The company's cash and cash equivalents decreased by 22.11% to ¥189,477,352.49, attributed to increased cash payments for fixed asset acquisitions[25]. - The company's total liabilities decreased significantly, with contract liabilities dropping by 84.75% to ¥2,510,680.71 due to reduced advance payments[25]. Environmental Compliance - The company’s subsidiary, New Oriental Ink Co., was listed as a key pollutant discharge unit in Jiaxing City for 2024, indicating ongoing environmental oversight[35]. - New Oriental Ink Co. has implemented pollution prevention facilities that comply with environmental regulations, with no administrative penalties reported during the reporting period[36]. - The company has established an emergency response plan for environmental incidents to minimize potential damage and ensure public safety[39]. Corporate Governance - The company has established a complete corporate governance structure, ensuring operational independence from other enterprises controlled by the new shareholder[44]. - The company commits to fair and transparent transactions, minimizing related party transactions with the new shareholder[44]. - The company has not reported any significant changes in environmental information during the reporting period[42]. Shareholder Information - The total amount of raised funds is CNY 334,693,768, with a net amount after issuance costs of CNY 287,357,918.96, representing a utilization rate of 99.31%[49]. - As of the reporting period, the total number of common shareholders is 23,938[55]. - The largest shareholder, Xu Guangbin, holds 29.17% of the shares, with 58,706,793 shares, and has a frozen status on 22,194,293 shares[55]. Accounting Policies - The company adheres to accounting standards, ensuring that financial statements accurately reflect its financial position and performance[92]. - The company prepares consolidated financial statements based on control, including subsidiaries and structured entities[99]. - The company recognizes expected credit losses for financial instruments in different stages, with provisions varying based on credit risk[114].