JSAC(SH:600389)2024-08-26 08:31Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥3.17 billion, representing an increase of 18.50% compared to ¥2.67 billion in the same period last year[18]. - The net profit attributable to shareholders decreased by 11.84% to approximately ¥170.79 million, down from ¥193.73 million in the previous year[18]. - The net cash flow from operating activities significantly declined by 70.55%, totaling approximately ¥94.36 million compared to ¥320.38 million in the same period last year[18]. - The basic earnings per share for the first half of 2024 was ¥0.3966, a decrease of 11.85% from ¥0.4499 in the same period last year[19]. - The weighted average return on equity decreased to 4.63%, down by 1.02 percentage points from 5.65% in the previous year[19]. - The company's total assets increased by 3.50% to approximately ¥6.91 billion, compared to ¥6.68 billion at the end of the previous year[18]. - The net assets attributable to shareholders increased by 4.79% to approximately ¥3.76 billion, up from ¥3.59 billion at the end of the previous year[18]. - The company's operating revenue for the first half of 2024 was approximately CNY 3.17 billion, representing an increase of 18.50% compared to CNY 2.67 billion in the same period last year[32]. - Operating costs rose to approximately CNY 2.70 billion, reflecting a 19.76% increase from CNY 2.26 billion year-on-year[32]. - Research and development expenses increased by 47.11% to approximately CNY 101.62 million, up from CNY 69.08 million in the previous year[32]. Dividend and Share Capital - The company plans to distribute a cash dividend of 2.00 CNY per 10 shares, totaling 86,130,000.00 CNY (including tax) based on a total share capital of 430,650,000 shares as of June 30, 2024[4]. - The company has a total share capital of 430,650,000 shares as of the reporting date[4]. - The company distributed a cash dividend of RMB 0.20 per share and issued 137,632,770 bonus shares in June 2023, increasing total shares to 44,348.337 million[115]. Risk Management - The company has outlined various risks including safety, environmental issues, market fluctuations, and raw material price volatility in the management discussion section[5]. - The report includes a forward-looking statement risk declaration, indicating that future plans do not constitute a commitment to investors[5]. - The company is facing risks related to safety, environmental protection, market fluctuations, and exchange rates, which could impact its operations and profitability[47]. - The company has identified the volatility of raw material prices, such as coal and phosphorous, as a significant risk that could affect its manufacturing costs and profit margins[49]. - The company has implemented financial derivatives to manage exchange rate risks, particularly due to its substantial export business[49]. Environmental Management - The company is committed to enhancing safety and environmental management, maintaining a "green" rating in environmental credit assessments[29]. - The company has established a complete and standardized business process and management system to ensure quality and stability in procurement and customer service[24]. - The company has been recognized as a green factory in the petrochemical industry and has received multiple certifications for its management systems[28]. - The company continues to meet environmental protection standards, with wastewater discharge meeting the Grade 3 standard of the "Comprehensive Wastewater Discharge Standard" (GB8978-1996)[55]. - The company has initiated a "zero waste factory" campaign to promote waste reduction and resource utilization[55]. - The company has conducted a safety and emergency drill for environmental incidents in the first half of 2024, enhancing its preparedness for potential environmental emergencies[62]. Shareholder and Governance - The board of directors has confirmed that all members attended the board meeting, ensuring the accuracy and completeness of the semi-annual report[3]. - There were no significant lawsuits or arbitration matters reported during the reporting period[69]. - The company has not faced any non-operational fund occupation issues from major shareholders or related parties during the reporting period[69]. - The company has maintained a commitment to strict adherence to its internal decision-making processes and timely information disclosure regarding related party transactions[68]. - The total amount of related party transactions for the first major shareholder was estimated at 288,363.71 CNY, accounting for 0.08% of similar transactions[72]. Investment and Expansion - The company is actively expanding its market presence, with over 7,000 potential cooperative customers for the JS-T205 project[30]. - The company has invested 24 million RMB in a special purpose entity with a total subscribed capital of 99.1 million RMB, indicating a strategic move towards investment partnerships[46]. - The company completed an investment of 116,725,000 RMB in Guizhou Wengfu Jiangshan Chemical Co., holding a 35% stake[39]. - The company is focusing on technological innovation to reduce costs and improve production efficiency, with new products like flame retardants and green environmental formulations achieving full production and sales[30]. Financial Position - The company's total liabilities reached CNY 3,034,051,944.55, up from CNY 2,976,278,584.36, indicating an increase of approximately 1.9%[88]. - The company's long-term equity investments increased to 459,122,411.90 RMB from 344,609,579.10 RMB, representing a growth of about 33.3%[86]. - The company's retained earnings increased to CNY 2,614,011,129.65 from CNY 2,412,363,838.13, representing a growth of approximately 8.34%[88]. - The total equity attributable to shareholders rose to CNY 3,762,676,852.25 from CNY 3,590,745,015.68, an increase of about 4.79%[88]. Accounting and Financial Reporting - The company adheres to the accounting standards set by the Ministry of Finance, ensuring accurate financial reporting[120]. - The company applies the accounting treatment for business combinations under common control and non-common control, ensuring proper measurement of assets and liabilities[126]. - The company recognizes revenue when control of goods or services is transferred to customers, which occurs when customers can dominate the use of the goods and services and obtain almost all economic benefits[180]. - The company recognizes expected liabilities related to guarantees, litigation, and product quality assurance when certain conditions are met, measured at the best estimate of required expenditures[177]. Research and Development - The company continues to focus on the research and development of agricultural chemicals, including herbicides and insecticides, while maintaining a comprehensive production and sales model[24]. - Research and development expenses increased to ¥101,618,346.93, representing a rise of 47.1% compared to ¥69,075,923.87 in the previous year[92]. - The company has promoted the training and development of young talent, with 19 key positions filled by individuals born in the 1990s in 2024[30].