JHSY(002597)2024-08-29 12:08Financial Performance - Revenue for the reporting period was RMB 2.54 billion, a decrease of 5.10% compared to the same period last year[10] - Net profit attributable to shareholders of the listed company was RMB 247.06 million, a decrease of 38.74% year-on-year[10] - Net cash flow from operating activities was RMB 145.78 million, a significant decrease of 75.65% compared to the same period last year[10] - Basic earnings per share (EPS) were RMB 0.45, down 38.36% year-on-year[10] - Total assets increased by 6.75% to RMB 10.37 billion compared to the end of the previous year[10] - The company's weighted average return on equity (ROE) was 3.41%, a decrease of 2.21 percentage points from the same period last year[10] - In the first half of 2024, the company achieved operating revenue of 2,538.28 million yuan, a year-on-year decrease of 5.10%, and net profit attributable to shareholders of 247.06 million yuan, a year-on-year decrease of 38.74%[23] - Revenue for the reporting period decreased by 5.10% to 2,538,283,778.19 yuan compared to the same period last year[33] - Net cash flow from operating activities decreased by 75.65% to 145,782,448.78 yuan due to lower sales revenue and increased cash payments for goods and services[33] - Net cash flow from investing activities decreased by 1,104.61% to -797,467,532.81 yuan due to reduced cash received from investments and significant fixed asset investments[33] - Net cash flow from financing activities increased by 221.51% to 629,844,214.70 yuan due to increased bank loans[33] - Total revenue for the first half of 2024 was RMB 2,538,283,778.19, a decrease of 5.1% compared to RMB 2,674,820,460.72 in the same period of 2023[120] - Net profit for the first half of 2024 was RMB 247,058,558.26, a decrease of 38.7% compared to RMB 403,389,047.75 in the same period of 2023[121] - Total operating costs for the first half of 2024 were RMB 2,260,112,183.97, a decrease of 1.8% compared to RMB 2,301,240,387.53 in the same period of 2023[120] - R&D expenses for the first half of 2024 were RMB 109,533,363.26, a decrease of 4.5% compared to RMB 114,658,008.07 in the same period of 2023[120] - Total liabilities as of the end of the first half of 2024 were RMB 1,253,443,677.25, a decrease of 27.8% compared to RMB 1,737,264,881.95 in the same period of 2023[119] - Total equity as of the end of the first half of 2024 was RMB 6,871,974,841.21, an increase of 1.1% compared to RMB 6,797,671,087.68 in the same period of 2023[119] - Basic earnings per share for the first half of 2024 were RMB 0.45, a decrease of 38.4% compared to RMB 0.73 in the same period of 2023[122] - Diluted earnings per share for the first half of 2024 were RMB 0.45, a decrease of 37.5% compared to RMB 0.72 in the same period of 2023[122] - Revenue for the first half of 2024 decreased to 2.27 billion yuan from 2.50 billion yuan in the same period of 2023, a decline of approximately 9.2%[123] - Net profit for the first half of 2024 dropped to 174.44 million yuan from 294.30 million yuan in the first half of 2023, a decrease of approximately 40.7%[123] - Operating cash flow for the first half of 2024 was 145.78 million yuan, significantly lower than the 598.61 million yuan in the same period of 2023[125] - Investment cash flow for the first half of 2024 showed a net outflow of 797.47 million yuan, compared to a net inflow of 79.38 million yuan in the first half of 2023[126] - Financing cash flow for the first half of 2024 recorded a net inflow of 629.84 million yuan, a significant improvement from the net outflow of 518.33 million yuan in the same period of 2023[126] - R&D expenses increased slightly to 95.99 million yuan in the first half of 2024 from 93.18 million yuan in the first half of 2023[123] - Sales expenses decreased to 16.42 million yuan in the first half of 2024 from 26.46 million yuan in the same period of 2023[123] - Interest income rose to 68.85 million yuan in the first half of 2024 from 49.17 million yuan in the first half of 2023[123] - Cash and cash equivalents at the end of the first half of 2024 stood at 2.30 billion yuan, down from 2.42 billion yuan at the end of the first half of 2023[126] - Total comprehensive income for the first half of 2024 was 174.44 million yuan, compared to 294.30 million yuan in the same period of 2023[124] - Sales revenue from goods and services received in cash was 2.49 billion yuan, a decrease from 2.97 billion yuan in the previous period[129] - Net cash flow from operating activities was 27.01 million yuan, significantly lower than the 514.80 million yuan in the previous period[129] - Net cash flow from investing activities was 237.38 million yuan, compared to a negative 87.03 million yuan in the previous period[129] - Net cash flow from financing activities was negative 326.60 million yuan, an improvement from the negative 473.66 million yuan in the previous period[129] - Total cash and cash equivalents at the end of the period were 2.10 billion yuan, down from 2.16 billion yuan at the beginning of the period[129] - The company's total equity at the beginning of the period was 7.14 billion yuan, with a slight increase to 7.14 billion yuan by the end of the period[131] - The company allocated 109.75 million yuan for profit distribution to shareholders during the period[132] - The company's capital reserve increased by 46.07 million yuan during the period[131] - The company's general risk reserve remained unchanged at 5.98 million yuan[131] - The company's undistributed profit decreased by 137.31 million yuan during the period[131] - Total owner's equity at the end of the period was RMB 7,035,508,330.41, with minority shareholders' equity at RMB 1,877,493.41[134] - Comprehensive income for the period amounted to RMB 745,486.43[134] - Total profit distribution to owners (or shareholders) was RMB 440,825,060.00[135] - Special reserve for the period was RMB 2,941,849.74[135] - Total equity at the beginning of the period was RMB 7,033,630,837.00[134] - Total equity at the end of the period was RMB 6,827,201,607.97[136] - Share capital decreased by 10,240.00 yuan in the current period[137] - Capital reserve increased by 46,073,333.35 yuan in the current period[137] - Comprehensive income for the current period totaled 174,443,189.39 yuan[137] - Owner's equity decreased by 8,737,338.55 yuan due to owner's capital reduction[137] - Profit distribution to owners (or shareholders) amounted to -109,746,488.20 yuan[138] - Special reserve increased by 647,488.28 yuan in the current period[138] - Total owner's equity at the end of the period was 6,797,671,087.68 yuan[137] - Comprehensive income for the previous period was 294,298,862.36 yuan[142] - Profit distribution to owners (or shareholders) in the previous period was -440,825,060.00 yuan[142] - Special reserve increased by 314,601.28 yuan in the previous period[142] Dividend and Share Repurchase - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserve into share capital[1] - The company repurchased 11,769,900 shares, accounting for 2.06% of the total shares, with a total repurchase amount of 250,066,342.87 yuan[94] - The company's 2023 annual profit distribution plan is to distribute a cash dividend of 2 yuan per 10 shares, with a total cash dividend of 109,746,488.20 yuan[94] - The company completed the repurchase of 11,769,900 shares, accounting for 2.06% of the total shares, with a total transaction amount of RMB 250,066,342.87[100] - The total number of shares repurchased was 11,769,900, with the highest price at RMB 25.10 per share and the lowest at RMB 18.05 per share[100] - The company increased its repurchase plan from RMB 100-200 million to RMB 250-500 million[100] - The company's total share capital decreased from 569,985,318 shares to 569,975,078 shares after the repurchase and cancellation of 10,240 shares[99] - The company's repurchase plan was implemented from May 5, 2023, to May 4, 2024, with a repurchase price cap adjusted to RMB 39.21 per share[99] - A total of 536,160 restricted shares were released from the 2022 restricted stock incentive plan on January 8, 2024[99] - The company repurchased and canceled 10,240 shares due to incomplete performance targets for 3 incentive recipients[99] - The total number of restricted shares at the end of the period was 2,906,538, with 536,160 shares released and 81,210 shares added[103] - The company's repurchase plan was approved by the board on May 5, 2023, with a maximum repurchase price of RMB 40.00 per share[99] - The company's repurchase plan was adjusted to increase the repurchase amount from RMB 100-200 million to RMB 250-500 million[100] Business Operations and Products - The company's main business includes the R&D, production, and sales of food additives, daily chemical fragrances, bulk chemicals, functional chemicals, and intermediates[15] - The company's sweetener products, such as Acesulfame-K and Sucralose, are widely used in the food and beverage industry due to their high sweetness, zero calories, and safety[16] - The company's bulk chemicals, such as liquid ammonia and hydrogen peroxide, are primarily used as raw materials for fine chemical products, with leading market share in East China[17] - The global sweetener industry is experiencing rapid growth driven by health-conscious consumers and sugar reduction trends, with Acesulfame-K and Sucralose being key substitutes[18] - The flavor and fragrance industry in China is growing rapidly, supported by government policies and increasing demand for high-quality life, with applications in food, beverages, and daily chemical products[20] - The basic chemical industry is undergoing transformation under the dual-carbon policy, with a focus on technological innovation, industrial upgrading, and green transformation[21] - Completed the main project construction of the first phase of the "Dingyuan Phase II Project," including the annual production of 600,000 tons of sulfuric acid, 60,000 tons of ion membrane caustic soda, 60,000 tons of ion membrane potash, and 150,000 tons of hydrogen peroxide, with trial production underway[24] - Achieved a historic high in daily production of sucralose through technical breakthroughs, maintaining industry-leading cost advantages[25] - Increased sales volume and market share of major products year-over-year, with further market expansion through sales structure reforms[26] - Upheld the 337 investigation ruling by the U.S. International Trade Commission, confirming no patent infringement in the production of acesulfame[27] - Enhanced digital management and operational efficiency through CRM project implementation and the development of unmanned filling systems[28] - Strengthened safety and environmental management with the establishment of a digital safety management platform and regular environmental inspections[29] - Obtained 22 new patents authorized by the National Intellectual Property Office, bringing the total to 313 authorized patents, including 223 invention patents[30] - Expanded the industrial layout with a focus on circular economy, enhancing competitiveness in food and beverage, daily consumption, and advanced manufacturing sectors[30] - Food manufacturing revenue decreased by 11.34% to 1,337,400,345.20 yuan, accounting for 52.69% of total revenue[34] - Basic chemical revenue increased by 0.80% to 947,942,290.00 yuan, accounting for 37.35% of total revenue[34] - Domestic sales revenue increased by 6.58% to 2,104,523,154.78 yuan, accounting for 82.91% of total revenue[35] - Foreign sales revenue decreased by 38.05% to 433,760,623.41 yuan, accounting for 17.09% of total revenue[35] - Gross margin for food additives decreased by 6.89% to 27.10%[36] - Gross margin for bulk chemicals increased by 3.78% to 11.98%[36] - The company's subsidiary completed the construction of a 600,000-ton sulfuric acid production, 60,000-ton ion-exchange membrane caustic soda, 60,000-ton ion-exchange membrane potassium hydroxide, and 150,000-ton hydrogen peroxide projects, which have entered trial production[95] Environmental and Safety Management - Strengthened safety and environmental management with the establishment of a digital safety management platform and regular environmental inspections[29] - The company faces environmental governance risks due to its chemical production processes, with increasing costs and stricter regulations, but has established comprehensive environmental protection and management systems[52] - The company faces safety production risks due to the use of hazardous chemicals, but has implemented preventive measures, safety education, and regular inspections to minimize risks[53] - The company's subsidiary, Jinxuan Technology, obtained approval for the年产 10,000吨双氯磺酰亚胺项目环境影响报告书[65] - The total emission of sulfur dioxide (SO2) from Jinhe Industry's 1 waste heat boiler and 75-ton boiler is 3,460 kg, which is within the annual permitted limit of 55,170 kg[66] - The total emission of nitrogen oxides (NOx) from Jinhe Industry's 1 waste heat boiler and 75-ton boiler is 6,860 kg, which is within the annual permitted limit of 78,820 kg[66] - The total emission of chemical oxygen demand (COD) from Jinhe Industry's wastewater discharge is 778,650 kg, which is within the annual permitted limit of 1,710,000 kg[67] - The total emission of ammonia nitrogen (NH3-N) from Jinhe Industry's wastewater discharge is 25,509.8 kg, which is within the annual permitted limit of 153,900 kg[67] - The total emission of sulfur dioxide (SO2) from Jinhe Industry's 130-ton boiler is 2,070 kg, which is within the annual permitted limit of 76,970 kg[67] - The total emission of nitrogen oxides (NOx) from Jinhe Industry's 130-ton boiler is 9,820 kg, which is within the annual permitted limit of 109,960 kg[67] - The total emission of particulate matter from Jinhe Industry's 2 waste heat boiler is 1,564.2 kg, which is within the annual permitted limit of 14,020 kg[68] - The total emission of sulfur dioxide (SO2) from Jinhe Industry's 2 waste heat boiler is 740 kg, which is within the annual permitted limit of 49,050 kg[68] - The total emission of nitrogen oxides (NOx) from Jinhe Industry's 2 waste heat boiler is 15,430 kg, which is within the annual permitted limit of 70,080 kg[68] - The total emission of sulfur dioxide (SO2) from Jinxuan Technology's incinerator outlet is 0.234 tons, which is within the annual permitted limit of 60.62 tons[68] - The company has invested 23.3882 million yuan in environmental governance and protection in the first half of 2024[71] - The company paid a total of 196,700 yuan in environmental taxes for factors such as ammonia, nitrogen oxides, and sulfur dioxide in the first half of 2024[71] - The company operates four wastewater treatment facilities with capacities of 3,000 tons/day (three units) and 2,400 tons/day (one unit)[70] - The company's wastewater treatment facilities can handle chemical oxygen demand (COD) of 15,000 mg/L and ammonia nitrogen of 500 mg/L[70] - The company has a 230 m³/d wastewater treatment facility at Jinwo Bio, which processes all production and domestic wastewater[70] - The company has built a 40MW ecological photovoltaic power station and a 30MW biomass cogeneration project to reduce carbon emissions[75] - The company has implemented a 130-ton/h biomass boiler to further reduce greenhouse gas emissions[75] - The company has established a circular economy industrial chain to recycle and reuse production waste, reducing resource consumption[76] - The company has achieved full-process automation and digitization in its production system, enhancing safety and environmental risk control[74] - The company has conducted multiple environmental emergency response drills and revised corresponding emergency measures in the first half of 2024[71] Corporate Governance and Shareholder Information - The company's registered address, office address, website, and email remained unchanged during the reporting period[7] - The company's semi-annual report is available on the Shenzhen Stock Exchange website and other designated media[8] - The company held two shareholders' meetings in the reporting period: the 2024 First Extraordinary General Meeting with a 47.03% participation rate[57