Financial Performance - The company reported a total revenue of RMB 785.18 million for the first half of 2021, an increase of 16.06% compared to RMB 676.49 million in the same period of 2020[7]. - The net loss for the first half of 2021 was RMB 7.01 million, compared to a net profit of RMB 1.68 million in the first half of 2020, indicating a significant decline in profitability[7]. - Total operating revenue for the first half of 2021 reached RMB 785,182,665.72, an increase of 16.06% compared to RMB 676,488,965.42 in the same period of 2020[21]. - Net profit for the first half of 2021 was a loss of RMB 6,422,027.69, compared to a profit of RMB 1,927,733.22 in the first half of 2020, indicating a significant decline[21]. Assets and Liabilities - Total assets as of June 30, 2021, amounted to RMB 2.28 billion, down from RMB 2.46 billion as of December 31, 2020, reflecting a decrease of approximately 7.27%[4]. - Current assets decreased to RMB 1.34 billion from RMB 1.50 billion, a decline of about 11.09%[2]. - The company's total liabilities decreased to RMB 626.27 million from RMB 713.86 million, representing a reduction of approximately 12.24%[6]. - The company’s total equity attributable to shareholders decreased to RMB 1.66 billion from RMB 1.75 billion, a decline of approximately 5.19%[6]. Cash Flow and Investments - The company's operating cash flow for the first half of 2021 was negative at RMB (84,786,954.68), an improvement from RMB (255,007,108.38) in the same period of 2020, indicating a 66.7% reduction in cash outflow[12]. - The company reported a net cash outflow from investment activities of RMB (152,448,638.47) in the first half of 2021, compared to a net inflow of RMB 732,691,657.51 in the same period of 2020[14]. - The company invested RMB 100,000,000.00 in new investments during the first half of 2021, indicating a strategic move towards expansion[14]. - The total cash inflow from operating activities was RMB 813,410,489.37, while the total cash outflow was RMB 898,197,444.05, leading to a net cash flow from operating activities of RMB (84,786,954.68)[12]. Management and Expenses - The company reported a significant increase in management expenses, which rose to RMB 16.19 million from RMB 11.90 million, an increase of approximately 35.88%[7]. - The company’s cash outflow for employee payments increased by 16.5% to RMB 70,281,430.87 from RMB 60,130,722.36 year-on-year[27]. Inventory and Receivables - The company’s inventory increased to RMB 6,728,772.04, up from RMB 5,961,689.00, representing a growth of 12.84%[20]. - The accounts receivable as of June 30, 2021, totaled RMB 136,314,188.40, down 10.4% from RMB 152,282,858.20 as of December 31, 2020[166]. - The provision for bad debts decreased to RMB 12,118,634.98 as of June 30, 2021, from RMB 12,729,409.97 at the end of 2020, reflecting a reduction of 4.8%[170]. Financial Reporting and Compliance - The financial report reflects the financial position and operating results of the group as of June 30, 2021, in compliance with accounting standards[49]. - The accounting policies used in the mid-term financial report are consistent with those applied in the 2020 annual financial report[45]. - The report confirms that the financial statements provide a true and complete reflection of the group's financial status as of June 30, 2021[49]. Shareholding and Corporate Structure - Tianjin Gas increased its shareholding from 64.12% to 70.54% after acquiring 6.42% of shares from Tianjin Lighthouse Paint Co., totaling 118,105,313 shares at no cost[40]. - The ultimate controlling company of Tianjin Gas changed to Tianjin State-owned Capital Investment and Operation Co., Ltd. after the transfer of shares from Tianjin Municipal Government[42]. Accounting Policies and Practices - The company applies expected credit loss model for impairment of financial assets, ensuring proactive risk management[75]. - The company recognizes financial assets upon becoming a party to the financial instrument contract, ensuring accurate financial reporting[65]. - The company’s financial reporting adheres to strict accounting policies, ensuring compliance and reliability in financial disclosures[63]. Depreciation and Asset Management - Fixed assets are depreciated using the straight-line method, with a depreciation rate of 2.25% for buildings and 3% for high-pressure gas pipelines, among others[93]. - The company has established a policy for reviewing the useful life and depreciation methods of fixed assets at the end of each fiscal year, allowing for necessary adjustments[93]. - The company conducts impairment testing for assets excluding inventory, deferred tax, and financial assets, assessing recoverable amounts based on fair value less costs to sell and present value of future cash flows[105].
天津津燃公用(01265) - 2021 - 中期财报