Financial Performance - For the six months ended June 30, 2021, the company's revenue increased by approximately RMB 299.3 million or 30.0% to approximately RMB 1,295.4 million compared to RMB 996.1 million for the same period in 2020[10] - The net profit for the same period rose by approximately RMB 86.1 million or 153.2% to approximately RMB 142.3 million, up from approximately RMB 56.2 million in the previous year[10] - Revenue for the six months ended June 30, 2021, was RMB 1,295,407 thousand, an increase from RMB 996,087 thousand in the same period of 2020, representing a growth of approximately 30.1%[73] - Gross profit for the same period was RMB 242,891 thousand, compared to RMB 121,544 thousand in 2020, indicating a significant increase of 100.1%[73] - Profit for the period attributable to owners of the company was RMB 142,338 thousand, up from RMB 56,209 thousand in the previous year, reflecting an increase of 152.5%[73] - Basic and diluted earnings per share for the period were both RMB 22.3, compared to RMB 8.8 in the same period last year, marking an increase of 153.4%[73] Revenue Breakdown - Revenue from urea products increased by approximately RMB 198.2 million or 23.3% to approximately RMB 1,050.4 million, despite a slight decrease in sales volume of about 3.3%[14] - Revenue from methanol increased by approximately RMB 24.8 million or 52.8% to approximately RMB 71.7 million, driven by a rise in average selling price to about RMB 1,603 per ton[16] - Revenue from other products, including automotive urea solution, surged by approximately RMB 76.3 million or 78.7% to approximately RMB 173.2 million, primarily due to increased market demand[17] - Urea sales contributed RMB 1,050,468,000, up 23.3% from RMB 852,221,000 in the previous year[97] Profitability and Margins - The company's gross profit margin improved to 18.8% from 12.2% in the previous year, reflecting a significant increase in gross profit of approximately RMB 121.3 million or 99.8%[18] - Gross profit increased by approximately RMB 121.4 million or 99.8% to approximately RMB 242.9 million, with gross margin rising from about 12.2% to approximately 18.8%[20] - Net profit for the period increased by approximately RMB 86.1 million or 153.2% to approximately RMB 142.3 million, driven by higher gross profit and gross margin[28] Assets and Liabilities - Total assets as of June 30, 2021, amounted to approximately RMB 2,348.5 million, up from approximately RMB 1,742.2 million as of December 31, 2020[30] - Cash and bank balances increased to approximately RMB 717.7 million from approximately RMB 367.1 million as of December 31, 2020[31] - The debt ratio increased to 29.8% from 23.6% as of December 31, 2020, with interest-bearing bank borrowings totaling approximately RMB 399.1 million[32] - The total liabilities increased to RMB 667,876 thousand, up 39.2% from RMB 480,970 thousand as of December 31, 2020[75] - The company’s total equity reached RMB 1,434,946 thousand, an increase of 16.3% from RMB 1,234,076 thousand as of December 31, 2020[75] Cash Flow and Investments - The company reported a net cash flow from operating activities of RMB 222,224 thousand for the six months ended June 30, 2021, compared to RMB 140,228 thousand for the same period in 2020, representing a growth of 58.5%[79] - Cash inflow from financing activities rose sharply from a net outflow of RMB 111,636 thousand in 2020 to a net inflow of RMB 159,708 thousand in 2021[80] - The company extracted bank and other borrowings amounting to RMB 328,000 thousand in 2021, compared to RMB 107,000 thousand in 2020, indicating a substantial increase of approximately 206%[80] - Net cash used in investing activities decreased from RMB 42,360 thousand in 2020 to RMB 29,198 thousand in 2021, a reduction of approximately 31%[80] Shareholder Information - As of June 30, 2021, Mr. Wang Zhihe holds 460,000,000 shares, representing approximately 74.08% of the company's issued shares[42] - Sino-Coal Holding owns 279,680,000 shares, accounting for 45.04% of the company's issued shares[46] - Bloom Ocean holds 180,320,000 shares, which is about 29.04% of the company's issued shares[46] - The major shareholders' interests are recorded in accordance with the Securities and Futures Ordinance[46] Corporate Governance and Compliance - The company has complied with the corporate governance code throughout the reporting period[63] - The audit committee reviewed the accounting principles and standards adopted by the group and discussed financial reporting matters[61] - The review of the interim financial statements was conducted in accordance with the relevant standards, and no issues were found that would indicate non-compliance with International Accounting Standard 34[71] Future Outlook and Investments - The company plans to continue developing new environmentally friendly production technologies to enhance competitiveness and risk resilience[34] - The company has been actively investing in energy-saving and environmental protection facilities to enhance energy efficiency[12] Other Information - The company has no significant contingent liabilities as of June 30, 2021[39] - The company has not made any significant acquisitions or disposals during the reporting period[54] - No significant events occurred after the reporting period that could materially affect the group[53] - The company did not declare an interim dividend for the reporting period[60]
东光化工(01702) - 2021 - 中期财报