Chanhen(SZ:002895)2023-08-14 16:00Technology and Innovation - The company's wet phosphoric acid purification technology improves phosphorus recovery by over 15% compared to the two-stage neutralization method[1]. - The production process of feed-grade dicalcium phosphate achieves a phosphorus recovery rate of over 95%, with high production efficiency and low energy consumption[1]. - The ammonium phosphate production process yields a total nutrient content (N+P2O5) of no less than 66%, typically reaching over 68%[1]. - The company has developed a modified cementitious material and filling technology using semi-water phosphogypsum, which addresses environmental impact issues and enhances mining recovery rates[2]. - The company has established a low-carbon roadbed and pavement material technology from phosphorous tailings, achieving international advanced levels in its research outcomes[5]. - The company is focusing on the development of wet-process phosphoric acid to replace high-energy-consuming thermal phosphoric acid, which aligns with national sustainable development strategies[71]. - The company's semi-hydrated wet-process phosphoric acid technology has been recognized as reaching advanced international levels, with a 15% increase in phosphorus recovery compared to traditional methods[71]. - The company has developed a technology for utilizing semi-hydrated phosphogypsum, achieving international leading standards, which significantly addresses the challenges of phosphogypsum storage and mining cost reduction[79]. - The company’s phosphate flotation technology achieves a phosphate recovery rate exceeding 93%, allowing the use of local low-grade phosphate ore with P2O5 content of 20%-27%[93]. Market Position and Sales - The "Xiao Taizi" brand of feed-grade dicalcium phosphate maintains the top market share domestically, while the "Chanphos" brand is recognized in the Asia-Pacific region[6]. - The company has a broad sales network, utilizing both direct sales and partnerships with regional distributors to serve various customer segments[6]. - The company continues to focus on expanding its market presence and enhancing product development strategies[46]. - Domestic sales accounted for 65.01% of total revenue, amounting to CNY 1,222,157,949.69, while international sales contributed 34.99% with CNY 657,789,803.70, reflecting a 25.91% increase year-over-year[130]. Financial Performance - The company's operating revenue for the first half of 2023 was CNY 1,879,947,753.39, representing an increase of 18.49% compared to CNY 1,586,547,877.33 in the same period last year[46]. - Net profit attributable to shareholders of the listed company decreased by 26.23% to CNY 273,329,411.12 from CNY 370,606,765.65 in the previous year[46]. - The net profit attributable to shareholders after deducting non-recurring gains and losses also fell by 26.27% to CNY 273,502,182.90[46]. - The net cash flow from operating activities surged by 5,217.00% to CNY 173,069,589.25, compared to CNY 3,255,020.63 in the same period last year[46]. - Basic earnings per share decreased by 27.47% to CNY 0.5459 from CNY 0.7529 in the previous year[46]. - Total assets at the end of the reporting period were CNY 11,041,597,398.46, an increase of 8.78% from CNY 10,138,442,979.05 at the end of the previous year[46]. - The weighted average return on net assets decreased to 6.09% from 9.72% in the previous year[46]. - The company reported a total non-recurring loss of 172,771.78 yuan, which includes government subsidies of 16,682,267.02 yuan and losses from the disposal of non-current assets[51]. - The company reported a net increase in cash and cash equivalents of CNY 271,729,858.71, a decrease of 32.67% compared to CNY 403,575,642.66 in the previous year[127]. Production and Supply Chain - The company has a stable supply of high-quality phosphate rock, which enhances its market competitiveness in production costs and quality stability[5]. - The company holds three mining rights for phosphate rock, ensuring a stable supply for its production needs, with the remaining phosphate rock being sold externally[63]. - The company is focused on ensuring the supply of phosphate rock for its production while also exploring external sales opportunities[63]. - The overall phosphate rock supply in China is expected to remain tight due to environmental regulations and the depletion of high-grade resources, leading to a sustained high price trend[60]. - The company has achieved self-sufficiency in phosphate rock supply, only purchasing a small amount of high-grade phosphate rock to meet product quality requirements[84]. Research and Development - Research and development expenses increased by 80.88% to CNY 73,720,258.78, up from CNY 40,755,614.73, indicating a significant commitment to innovation[127]. - The company collaborates with Beijing University of Science and Technology for the development of modified gypsum materials, aligning with environmental policies[93]. Environmental and Regulatory Compliance - The company has developed a modified cementitious material and filling technology using semi-water phosphogypsum, which addresses environmental impact issues and enhances mining recovery rates[2]. - The comprehensive utilization of phosphogypsum remains a key challenge for the domestic phosphochemical industry, with limited recycling capabilities[77]. - The company is focused on green mining construction and the transformation of the phosphochemical industry, emphasizing the importance of resource utilization[79]. Investment and Future Projects - The company completed an equity investment of 96,900,000.00 yuan in Hengda Mining, acquiring a 51% stake, with the investment process finalized and registered[169]. - The company plans to conduct foreign exchange hedging transactions in 2023 with a maximum trading limit of 1.5 billion RMB, aligning with its export business volume[174]. - The "Fuqian City New Phosphate Resource Deep Processing Project - 300,000 tons/year Sulfur Iron Ore to Sulfuric Acid Device" is expected to be completed by August 31, 2024, with construction efficiency improved by synchronously building two devices[183]. - The company is currently assessing the feasibility of its projects due to significant changes in project viability[183].