兴发集团(600141) - 2023 Q2 - 季度财报

Company Information - The company's registered address is No. 58, Gaoyang Avenue, Gufu Town, Xingshan County, Hubei Province[13] - The company's office address is No. 62, Development Avenue, High-tech Zone, Yichang City, Hubei Province[13] - The company's website is www.xingfagroup.com[13] - The company's stock is listed on the Shanghai Stock Exchange with the stock code 600141[14] - The company's legal representative is Li Guozhang[11] - The company's board secretary is Bao Boying, with contact address at 26th Floor, Yuehe Building, No. 62, Development Avenue, High-tech Zone, Yichang City, Hubei Province[12] - The company's semi-annual report is available on the website www.sse.com.cn[14] - The company's semi-annual report is prepared at the office of the board secretary[14] - The company's selected information disclosure newspapers include China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily[13] - The company's electronic mailbox is dmb@xingfagroup.com[13] Financial Performance - Revenue for the reporting period (January-June) was RMB 13.61 billion, a decrease of 21.33% year-on-year[16] - Net profit attributable to shareholders of the listed company was RMB 608.59 million, a decrease of 83.32% year-on-year[16] - Basic earnings per share (EPS) for the reporting period was RMB 0.55, a decrease of 83.23% year-on-year[17] - Weighted average return on equity (ROE) was 2.95%, a decrease of 19.68 percentage points year-on-year[17] - The company's total assets at the end of the reporting period were RMB 42.35 billion, an increase of 1.72% compared to the end of the previous year[16] - Revenue for the first half of 2023 was 13.61 billion yuan, a decrease of 21.33% year-on-year[35] - Net profit attributable to shareholders was 609 million yuan, a decrease of 83.32% year-on-year[35] - R&D investment in the first half of 2023 was 519 million yuan, accounting for 3.81% of revenue[35] - Revenue for the first half of 2023 was 3,614,386,681.08 RMB, a decrease from 4,434,677,380.42 RMB in the same period last year[133] - Net profit attributable to parent company shareholders was 608,586,130.50 RMB, compared to 3,649,658,446.64 RMB in the previous year[131] - Operating profit for the first half of 2023 was 788,079,188.02 RMB, down from 5,451,629,369.25 RMB in the same period last year[131] - Total comprehensive income for the first half of 2023 was 651,609,392.88 RMB, compared to 4,402,844,989.78 RMB in the previous year[132] - Basic earnings per share for the first half of 2023 were 0.55 RMB, down from 3.28 RMB in the same period last year[132] - R&D expenses for the first half of 2023 were 129,137,577.54 RMB, a decrease from 145,488,142.98 RMB in the previous year[133] - Investment income for the first half of 2023 was 746,169,597.42 RMB, slightly down from 771,123,057.45 RMB in the same period last year[133] - Total assets impairment loss for the first half of 2023 was -20,580,301.37 RMB, compared to -29,138,049.41 RMB in the previous year[131] - Interest income for the first half of 2023 was 3,050,916.75 RMB, down from 5,601,710.77 RMB in the same period last year[133] - Foreign exchange translation differences contributed 21,325,355.59 RMB to other comprehensive income for the first half of 2023[131] - Sales revenue from goods and services in 2023 H1 was RMB 9,034,901,700.70, a decrease from RMB 12,806,653,456.87 in 2022 H1[136] - Total operating cash inflow in 2023 H1 was RMB 9,302,373,114.10, down from RMB 13,605,314,907.74 in 2022 H1[136] - Net cash flow from operating activities in 2023 H1 was RMB 442,895,016.59, significantly lower than RMB 4,056,188,864.81 in 2022 H1[138] - Net cash flow from investing activities in 2023 H1 was negative RMB 1,090,184,063.87, compared to negative RMB 886,552,877.75 in 2022 H1[138] - Net cash flow from financing activities in 2023 H1 was negative RMB 731,940,111.07, an improvement from negative RMB 3,278,658,554.94 in 2022 H1[138] - Cash and cash equivalents at the end of 2023 H1 were RMB 3,286,530,735.39, down from RMB 4,637,175,733.06 at the beginning of the period[138] - Parent company's sales revenue from goods and services in 2023 H1 was RMB 2,539,267,210.82, a decrease from RMB 3,103,668,478.72 in 2022 H1[139] - Parent company's net cash flow from operating activities in 2023 H1 was RMB 514,677,796.92, down from RMB 681,089,859.35 in 2022 H1[139] - Parent company's net cash flow from investing activities in 2023 H1 was RMB 629,183,004.89, a significant improvement from negative RMB 298,023,749.66 in 2022 H1[139] - Parent company's cash and cash equivalents at the end of 2023 H1 were RMB 1,230,973,086.21, down from RMB 2,008,061,730.92 at the beginning of the period[139] - Total comprehensive income for the first half of 2023 was RMB 629.91 million, with minority shareholders contributing RMB 21.70 million[141] - The company's total owner's equity decreased by RMB 302.13 million in the first half of 2023, primarily due to a reduction in retained earnings of RMB 350.39 million[141] - Capital reserves increased by RMB 3.73 million during the period, driven by equity incentives and other capital injections[141] - The company allocated RMB 1.10 billion for profit distribution to shareholders in the first half of 2023[141] - Special reserves increased by RMB 40.91 million, with RMB 119.15 million extracted and RMB 78.25 million utilized during the period[142] - Total owner's equity at the end of the first half of 2023 stood at RMB 21.04 billion, with minority shareholders' equity accounting for RMB 1.19 billion[142] - In the first half of 2022, the company's total comprehensive income was RMB 3.68 billion, with minority shareholders contributing RMB 726.22 million[143] - Owner's equity increased by RMB 3.39 billion in the first half of 2022, driven by a significant rise in retained earnings of RMB 3.09 billion[143] - Capital reserves decreased by RMB 590.72 million in the first half of 2022, primarily due to adjustments in equity structure[143] - Special reserves grew by RMB 10.37 million in the first half of 2022, reflecting increased provisions for future contingencies[143] - Total comprehensive income for the period amounted to RMB 1,196,153,747.23[146] - The company allocated RMB 1,103,292,295.00 for profit distribution to shareholders[147] - Special reserves increased by RMB 4,905,344.04 during the period[147] - The company's total equity at the end of the period was RMB 19,231,379,897.08[145] - Capital reserves increased by RMB 3,684,806.37 during the period[146] - The company's undistributed profit at the end of the period was RMB 5,198,209,104.00[146] - Total owner's equity increased by RMB 70,968,063.74 during the period[146] - The company's capital stock increased by RMB 4,133.00 during the period[146] - Special reserves usage during the period amounted to RMB 7,993,838.32[147] - The company's total assets at the end of the period were RMB 16,829,656,447.40[145] - The company's total owner's equity at the beginning of the year was 11,548,549,087.74[149] - The company's capital reserve increased by 6,861,435.93 during the period[149] - The company's undistributed profit increased by 651,806,798.10 during the period[149] - The company's total owner's equity at the end of the period was 12,232,396,192.42[150] - The company's special reserve increased by 587,717.53 during the period[150] - The company's capital reserve at the end of the period was 7,099,869,025.64[150] - The company's undistributed profit at the end of the period was 3,541,465,760.94[150] - The company's special reserve usage during the period was 20,784,905.83[150] - The company's special reserve extraction during the period was 21,372,623.36[150] Assets and Liabilities - The company's total assets at the end of the reporting period were RMB 42.35 billion, an increase of 1.72% compared to the end of the previous year[16] - Total liabilities as of June 30, 2023, amounted to RMB 21.313 billion, with current liabilities at RMB 10.766 billion and non-current liabilities at RMB 10.547 billion[122] - Monetary funds decreased to RMB 3.611 billion as of June 30, 2023, compared to RMB 4.719 billion at the end of 2022[124] - Accounts receivable increased significantly to RMB 1.501 billion as of June 30, 2023, from RMB 928 million at the end of 2022[124] - Inventory decreased to RMB 1.533 billion as of June 30, 2023, from RMB 2.521 billion at the end of 2022[124] - Total assets increased slightly to RMB 42.346 billion as of June 30, 2023, compared to RMB 41.630 billion at the end of 2022[124] - Short-term borrowings increased to RMB 2.227 billion as of June 30, 2023, from RMB 1.937 billion at the end of 2022[125] - Accounts payable increased to RMB 4.769 billion as of June 30, 2023, from RMB 4.293 billion at the end of 2022[125] - Long-term borrowings increased to RMB 6.251 billion as of June 30, 2023, from RMB 5.284 billion at the end of 2022[125] - Total equity attributable to owners of the parent company decreased to RMB 19.849 billion as of June 30, 2023, from RMB 20.308 billion at the end of 2022[126] - Total assets as of June 30, 2023, were RMB 21.32 billion, a decrease of 3.8% compared to RMB 22.16 billion as of December 31, 2022[127] - Total liabilities as of June 30, 2023, were RMB 6.88 billion, a decrease of 11.7% compared to RMB 7.79 billion as of December 31, 2022[129] - Accounts receivable as of June 30, 2023, were RMB 306.05 million, an increase of 69.4% compared to RMB 180.68 million as of December 31, 2022[127] - Inventory as of June 30, 2023, was RMB 183.29 million, a decrease of 32.9% compared to RMB 273.26 million as of December 31, 2022[127] - Long-term equity investments as of June 30, 2023, were RMB 10.98 billion, an increase of 2.7% compared to RMB 10.69 billion as of December 31, 2022[128] - Fixed assets as of June 30, 2023, were RMB 2.40 billion, a decrease of 35.5% compared to RMB 3.71 billion as of December 31, 2022[128] - Accounts receivable decreased by 93.86% to 50,000.00 yuan due to the maturity and settlement of bills[40] - Prepayments increased by 151.57% to 287,862,334.91 yuan, mainly due to advance payments for phosphogypsum deposits in Yidu Xingfa[40] - Inventory decreased by 39.17% to 1,533,442,077 yuan, primarily due to a reduction in glyphosate and organic silicon product stocks[40] - Construction in progress increased by 92.61% to 4,748,908,369.85 yuan, driven by the acquisition of Inner Mongolia Xin Nong Ji equity and increased project investments[40] - Overseas assets amounted to 1,044,430,907.08 yuan, accounting for 2.47% of total assets[41] - Total restricted assets amounted to 1,878,389,472.85 yuan, including cash, fixed assets, intangible assets, and receivables[42] - External equity investments increased by 2.80% to 1,925,785,100 yuan compared to the same period last year[43] - The Inner Mongolia Xingfa Organic Silicon New Materials Integrated Recycling Project has a total budget of 4,308,000,000 yuan, with 52.95% of the investment completed[44] - The company's investment in Zhongchuang Xin Hang (stock code: 3931) had an initial cost of 174,640,538.35 yuan and a current fair value of 93,824,473.06 yuan[45] - The company's subsidiaries, such as Hubei Xingrui Silicon Materials Co., Ltd., reported a net loss of 5,800.44 thousand yuan, while others like Chongqing Xingfa Jinguan Chemical Co., Ltd. achieved a net profit of 12,119.34 thousand yuan[47] Environmental and Safety - The company faces significant safety and environmental protection risks due to its main production bases being located along the Yangtze River, with some products classified as hazardous chemicals. To mitigate these risks, the company plans to increase safety and environmental protection investments, enhance on-site management, and promote mechanization and automation[48] - COD emissions from wastewater at Hubei Xingfa Chemical Group Co., Ltd. Baishahe Chemical Plant were 5.33 tons in the first half of 2023, with a concentration of less than 100mg/L[60] - Ammonia nitrogen emissions from wastewater at Hubei Xingfa Chemical Group Co., Ltd. Liucaopo Chemical Plant were not reported, but the concentration was less than 15mg/L[60] - Total phosphorus emissions from wastewater at Baokang Chufeng Chemical Co., Ltd. were 0.05 tons in the first half of 2023, with a concentration of less than 0.5mg/L[60] - Sulfur dioxide emissions from exhaust gas at Yidu Xingfa Chemical Co., Ltd. were 54.84 tons in the first half of 2023, with a concentration of less than 550mg/m³[60] - Nitrogen oxide emissions from exhaust gas at Hubei Xingrui Silicon Materials Co., Ltd. were 26.50 tons in the first half of 2023, with a concentration of less than 50mg/m³[61] - COD emissions from wastewater at Yichang Xingxing Lantian Technology Co., Ltd. were 15.20 tons in the first half of 2023, with a concentration of less than 150mg/L[61] - Ammonia nitrogen emissions from wastewater at Yichang Xingxing Lantian Technology Co., Ltd. were 0.29 tons in the first half of 2023, with a concentration of less than 30mg/L[61] - Total phosphorus emissions from wastewater at Yichang Xingxing Lantian Technology Co., Ltd. were 0.23 tons in the first half of 2023, with a concentration of less than 1.5mg/L[61] - Sulfur dioxide emissions from exhaust gas at Yichang Xingxing Lantian Technology Co., Ltd. were 37.88 tons in the first half of 2023, with a concentration of less than 200mg/m³[61] - Nitrogen oxide emissions from exhaust gas at Yichang Xingxing Lantian Technology Co., Ltd. were 29.33 tons in the first half of 2023, with a concentration of less than 200mg/m³[61] - COD emissions in wastewater for Hubei Taisheng Chemical Co., Ltd. were 25.28 tons in the first half of 2023, well below the permitted limit of 528.416 tons[63] - Ammonia nitrogen emissions in wastewater for Hubei Taisheng Chemical Co., Ltd. were 2.63 tons in the first half of 2023, significantly lower than the permitted limit of 39.631 tons[63] - Total phosphorus emissions in wastewater for Hubei Taisheng Chemical Co., Ltd. were 0.67 tons in the first half of 2023, below the permitted limit of 6.605 tons[63] - Sulfur dioxide emissions in exhaust gas for Weng'an Longma Phosphorus Industry Co., Ltd. were 35.50 tons in the first half of 2023, below the permitted limit of 69.4 tons[62] - Particulate matter emissions in exhaust gas for Weng'an Longma Phosphorus Industry Co., Ltd. were 5.98 tons in the first half of 2023, below the permitted limit of 11.97 tons