Financial Performance - For the six months ended June 30, 2021, the group reported unaudited revenue of approximately RMB 1,347,031,000, an increase of about 35.4% compared to the same period last year[3]. - The group's unaudited profit attributable to shareholders for the same period was approximately RMB 154,000,000, an increase of RMB 257,300,000 compared to the previous year[3]. - The unaudited operating profit before interest, tax, depreciation, and amortization for the six months ended June 30, 2021, was approximately RMB 330,200,000, up from RMB 62,700,000 in the previous year, representing an increase of RMB 267,500,000[3]. - The basic earnings per share for the six months ended June 30, 2021, were approximately RMB 2.81, compared to a loss of RMB 1.88 in the previous year[3]. - The company reported a profit before tax of RMB 159,261,000 for the six months ended June 30, 2021, compared to a loss of RMB 115,509,000 in the same period of 2020[42]. - The gross profit margin increased from approximately 0.3% in the same period last year to 21.6% due to rising product prices[67]. - The company reported a basic earnings per share of RMB 28.05 for the six months ended June 30, 2021, compared to a loss per share of RMB 18.79 in the same period of 2020[50]. Sales and Production - The total sales volume (excluding trading) reached approximately 566,319 tons, a decrease of 3.6% compared to the same period last year[3]. - Urea sales contributed RMB 401,313,000, accounting for 29.8% of total revenue, while methanol sales were RMB 372,186,000, representing 27.6% of total revenue[40]. - The average operating rate for methanol in the first half of 2021 was 73%, with a production increase of 24.2% year-on-year[73]. - The domestic urea production in the first half of 2021 was 27.9 million tons, a year-on-year decrease of 0.79%[87]. - The average operating rate of urea in China in the first half of 2021 was 70.47%, down 2.97% year-on-year[87]. - The export volume of liquid ammonia in the first half of 2021 is estimated to reach 2.468 million tons, a year-on-year increase of 13.74%[79]. Cash Flow and Assets - The net cash generated from operating activities was RMB 157,145,000, compared to RMB 94,099,000 in the previous year[28]. - The total assets as of June 30, 2021, were RMB 2,960,951,000, an increase from RMB 2,847,247,000 as of December 31, 2020[21]. - The total liabilities as of June 30, 2021, were RMB 2,788,435,000, a decrease from RMB 2,828,730,000 as of December 31, 2020[25]. - The company's short-term borrowings amounted to RMB 1,860,964,000 as of June 30, 2021, slightly down from RMB 1,886,250,000 at the end of 2020[61]. - The group's debt-to-capital ratio was 92% as of June 30, 2021, compared to 99% at the end of 2020[100]. Dividends and Share Structure - The group did not recommend any interim dividend for the six months ended June 30, 2021[4]. - The company has not declared any dividends for the six months ended June 30, 2021[51]. - The company reported a total of 305,700 shares outstanding as of June 30, 2021, with a significant portion attributed to convertible securities[119]. - The diluted earnings per share for the period was calculated at RMB 0.0186, assuming all unexercised convertible securities were converted[121]. - The company has outstanding convertible securities that could potentially convert into 1,002,675,000 shares, significantly impacting the equity structure[118]. - The company’s equity structure will change significantly if all unexercised convertible securities are converted, potentially increasing the total shares to 8,300,717,599[119]. Operational Efficiency and Strategy - The company implemented various incentive measures to enhance team performance, resulting in significant improvements in economic benefits and operational efficiency[69]. - The company aims to implement cost-reduction measures and improve operational efficiency to adapt to the post-pandemic environment[90]. - The company plans to enhance the organization and coordination of production materials such as water, electricity, and gas to ensure stable operations[90]. - The company is focusing on upgrading its products from basic chemicals to fine chemicals to enhance competitiveness[93]. - The company plans to optimize its sales model to increase the proportion of direct sales customers and enhance local customer sales scale[93]. Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the company's financial reporting procedures and internal control systems[141]. - The company has adopted a standard code of conduct for securities trading, ensuring compliance with trading regulations[138]. - The company has taken appropriate actions to comply with corporate governance codes since January 1, 2005[142]. - No directors or senior executives have disclosed any interests in competitive businesses during the review period[136]. Employee and Workforce - As of June 30, 2021, the group had 643 employees, a slight decrease from 649 in the previous year[109]. - The total number of employees increased to 5,300, up from 3,800, representing a growth of approximately 39.5%[115].
玖源集团(00827) - 2021 - 中期财报