CAHIC(600195)2024-08-29 08:07Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥2.48 billion, a decrease of 1.15% compared to ¥2.51 billion in the same period last year[13]. - The net profit attributable to shareholders of the listed company was approximately ¥62.80 million, down 76.65% from ¥268.97 million in the previous year[13]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥58.61 million, a decrease of 71.39% compared to ¥204.84 million in the same period last year[13]. - The net cash flow from operating activities was negative at approximately -¥170.02 million, compared to -¥81.12 million in the previous year[13]. - The basic earnings per share decreased by 76.65% year-on-year, reflecting the significant drop in net profit attributable to shareholders[15]. - The net profit after deducting non-recurring gains and losses decreased by 71.39% year-on-year, primarily due to the impact of declining product prices on gross profit[15]. - The company's operating revenue for the first half of 2024 was ¥2,479,397,851.22, a decrease of 1.15% compared to ¥2,508,298,838.72 in the same period last year[25]. - The company's operating costs increased by 2.77% to ¥2,037,036,289.03 from ¥1,982,139,449.77 year-on-year[25]. - The net profit for the first half of 2024 was ¥58,240,672.74, a significant decrease from ¥248,503,188.50 in the first half of 2023[82]. - The total comprehensive income for the first half of 2024 was CNY 65,476,305.72, significantly lower than CNY 266,531,726.19 in the first half of 2023[83]. Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥9.21 billion, reflecting a 2.92% increase from ¥8.95 billion at the end of the previous year[13]. - The net assets attributable to shareholders at the end of the reporting period were approximately ¥5.59 billion, an increase of 1.30% from ¥5.52 billion at the end of the previous year[13]. - The company's total assets at the end of the first half of 2024 are CNY 5,397,256,430.58, reflecting a stable asset base[91]. - The company's total liabilities at the end of the first half of 2024 are CNY 1,009,505,738.62, indicating a manageable debt level[92]. - The company's total liabilities reached CNY 2,599,389,922.78, compared to CNY 2,405,562,765.96, marking an increase of approximately 8.0%[77]. Cash Flow - The net cash flow from operating activities was -¥170,022,162.98, a significant decline from -¥81,124,512.40 in the same period last year[25]. - The company's cash flow from operating activities was CNY 2,058,326,109.44, down from CNY 2,221,849,776.11 in the first half of 2023, a decrease of 7.3%[86]. - Cash outflow for operating activities totaled 1,748,119,613.48, compared to 889,348,725.55 last year, marking a 97% increase[88]. - The ending balance of cash and cash equivalents was 1,227,942,063.52, compared to 549,977,828.70 at the end of the same period last year, reflecting a 123% increase[89]. Research and Development - Research and development expenses rose by 26.84% to ¥57,152,152.90, compared to ¥45,058,105.71 in the previous year[25]. - The company is focusing on enhancing its R&D capabilities and has set key innovation work points for 2024-2025[25]. - The company invested 6,358,353.22 RMB in internal research and development for non-patented technology during the current period[196]. Market Position and Strategy - The company operates over 20 production bases and has a revenue exceeding 5 billion yuan annually, highlighting its strong market presence in the animal health and nutrition sector[19]. - The company provides products and technical support to nearly 60 countries and regions, with leading market shares in major animal disease vaccines and feed additives[20]. - The sales model includes government procurement and market-based sales, with a focus on expanding the customer base and enhancing brand presence[21]. - The company aims to achieve its "14th Five-Year Plan" goals and accelerate the establishment of a world-class enterprise in 2024[24]. Environmental and Social Responsibility - The company has implemented online monitoring for unorganized gas and total wastewater discharge at its facilities[44]. - The company invested approximately 580,000 yuan in energy-saving and environmental protection initiatives in the first half of 2024[53]. - The company provided 1.1 million yuan in financial assistance for rural revitalization projects in the first half of 2024[54]. - The company has undergone significant management changes, including the resignation of key executives and the election of a new independent director[38]. Related Party Transactions - The company has implemented a structured approach to minimize related party transactions and ensure fair market practices[55]. - The company has committed to avoid any illegal occupation of funds and assets of Zhongmu Co., and to prevent Zhongmu Co. from providing guarantees for illegal activities of the company[56]. - The company plans to continue purchasing raw materials from Zhongmu Co. with an estimated amount of CNY 400 million for 2024, and has reported related party procurement of CNY 3.5638 million during the reporting period[61]. Compliance and Governance - The company has not received any penalties or corrective actions related to violations of laws and regulations during the reporting period[61]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties during the reporting period[60]. - The company has not reported any significant changes in its bad debt provisions, maintaining a total of ¥4,556.00 at the end of the period[154]. Inventory and Receivables Management - The total inventory at the end of the period is RMB 991,073,202.81, with a provision for inventory depreciation of RMB 21,162,650.31[178]. - The total accounts receivable at the end of the period amounted to ¥1,327,432,878.41, with a bad debt provision of ¥43,084,650.74, resulting in a provision ratio of 3.25%[160]. - The company has established a cautious approach to bad debt provisioning, particularly for accounts with disputed collectability[159].