惠柏新材(301555) - 2024 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2024 was ¥512,273,958, a decrease of 28.37% compared to ¥715,173,375.15 in the same period last year[12]. - The net profit attributable to shareholders was a loss of ¥4,461,002.91, representing a decline of 114.60% from a profit of ¥30,564,126.12 in the previous year[12]. - Basic and diluted earnings per share were both -¥0.05, a decline of 111.36% from ¥0.44 in the same period last year[12]. - The weighted average return on net assets was -0.42%, down from 5.36% in the previous year[12]. - The company's operating revenue for the reporting period was ¥512,273,958, a decrease of 28.37% compared to ¥715,173,375 in the same period last year, primarily due to a decline in sales of epoxy resin products for wind turbine blades[23]. - The operating cost decreased by 25.62% to ¥458,215,636.95 from ¥616,082,816.17, reflecting the reduction in revenue[23]. - The gross margin for the wind turbine blade epoxy resin series was 1.10%, down 9.55% year-on-year, indicating significant pressure on profitability due to market competition[24]. Cash Flow and Assets - The net cash flow from operating activities improved to ¥4,028,672.37, a significant increase of 102.55% compared to a negative cash flow of ¥158,143,130.70 in the same period last year[12]. - Cash and cash equivalents at the end of the reporting period amounted to ¥251,307,889.76, representing 13.48% of total assets, a decrease of 1.24% from the previous year[27]. - Accounts receivable stood at ¥818,395,539.45, accounting for 43.89% of total assets, an increase of 3.78% compared to the previous year[27]. - Inventory increased to ¥107,219,685.58, which is 5.75% of total assets, reflecting a rise of 1.04% year-over-year[27]. - The total assets at the end of the reporting period were ¥1,864,543,415.35, down 10.18% from ¥2,075,924,033.29 at the end of the previous year[12]. - The total current assets decreased from ¥1,783,759,259.98 to ¥1,507,131,687.60, representing a decline of approximately 15.4%[92]. - Cash and cash equivalents decreased from ¥305,612,298.51 to ¥251,307,889.76, a reduction of about 17.8%[92]. - Total liabilities decreased from ¥1,000,453,224.20 to ¥814,497,206.33, a reduction of about 18.6%[94]. Research and Development - Research and development expenses amounted to ¥16,432,293.77, a slight decrease of 3.26% from the previous year, reflecting ongoing investment in innovation[23]. - The company holds 26 invention patents and 60 utility model patents, showcasing its strong R&D capabilities and commitment to technological advancement[20]. - The company focuses on developing high-purity, high-heat-resistant, low-water-absorption, and high-toughness epoxy resins for electronic electrical insulation packaging[19]. - The future development direction for electronic electrical insulation packaging epoxy resins includes major integration and advancements in semiconductor and optical technologies[19]. Market and Product Development - The company's main business revenue for the reporting period reached CNY 512.27 million, with wind power blade epoxy resin generating CNY 369.75 million, a year-on-year decrease of 37.77%[18]. - Revenue from new composite material epoxy resin was CNY 98.32 million, reflecting a year-on-year increase of 15.70%, while electronic electrical insulation packaging epoxy resin revenue was CNY 42.13 million, up 19.89% year-on-year[18]. - The company has established a competitive advantage in the specialty modified epoxy resin industry, recognized for its technology and product quality[19]. - The company is expanding its market presence in various sectors, including rail transportation, automotive lightweight materials, and sports equipment[18]. - The company emphasizes customized and differentiated product solutions to meet the evolving demands of downstream customers[18]. Risk Management - The company has outlined potential risks and corresponding measures in the report, urging investors to be cautious[2]. - The report includes a forward-looking statement regarding future plans, emphasizing the importance of risk awareness for investors[2]. - The company faces risks related to industry policy adjustments, which could negatively impact revenue and profit levels if government support for the wind power industry decreases[43]. - The company is exposed to raw material price volatility, particularly for epoxy resin, which is influenced by international oil prices and market supply-demand dynamics[43]. - The company has established a wide supplier network and is seeking alternative raw materials to mitigate risks associated with raw material price increases[43]. Shareholder and Corporate Governance - The company plans not to distribute cash dividends or issue bonus shares[2]. - The company emphasizes the protection of shareholder rights, ensuring compliance with relevant laws and regulations during shareholder meetings[54]. - The company held its first extraordinary general meeting of shareholders in 2024 on March 29, with a participation rate of 62.25%[47]. - The total number of ordinary shareholders at the end of the reporting period was 11,877[84]. - The largest shareholder, Huili Epoxy Resin Co., Ltd., holds 43.87% of the shares, totaling 40,481,300 shares[84]. Compliance and Legal Matters - The company has not faced any environmental penalties during the reporting period and complies with environmental protection laws[53]. - The company has not reported any environmental or safety incidents during the reporting period, adhering to strict pollution control measures[56]. - The company has not sold any significant assets or equity during the reporting period[38][39]. - The company is involved in a lawsuit against Jiangsu Huaen Wind Power Equipment Co., Ltd. for RMB 10.5 million related to a sales contract dispute, which is expected to have no significant impact on operations[58]. - The company has not reported any significant losses or gains from leasing projects that exceed 10% of total profits for the reporting period[72]. Financial Reporting and Accounting - The financial statements were prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring compliance and accuracy[120]. - The company operates on a 12-month business cycle, with its accounting period running from January 1 to December 31 each year[121][122]. - The company emphasizes the importance of accounting estimates, particularly in areas such as bad debt provisions and significant prepayments exceeding 5 million RMB[124]. - The company recognizes expected liabilities when there is a present obligation that is likely to result in an outflow of economic benefits and can be reliably measured[189]. - The company recognizes revenue when customers obtain control of goods or services, indicating a significant economic benefit[194].