QCEC(SH:600218)2024-08-27 08:51Financial Performance - The company's operating revenue for the first half of 2024 was ¥2,189,119,633.13, a decrease of 22.29% compared to ¥2,817,118,054.84 in the same period last year[14]. - The net profit attributable to shareholders of the listed company was ¥49,070,428.11, down 20.75% from ¥61,920,391.47 in the previous year[14]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥34,034,860.84, a decrease of 23.74% from ¥44,630,824.26 year-on-year[14]. - The net cash flow from operating activities was -¥63,442,736.73, a decline of 47.59% compared to -¥42,984,962.54 in the same period last year[14]. - Basic earnings per share for the first half of 2024 were ¥0.11, down 21.43% from ¥0.14 in the same period last year[15]. - The weighted average return on net assets was 1.55%, a decrease of 0.44 percentage points compared to 1.99% in the previous year[15]. - Operating revenue decreased by 22.29% to ¥2,189,119,633.13 from ¥2,817,118,054.84 in the same period last year[23]. - Operating costs fell by 22.87% to ¥1,962,705,023.66 compared to ¥2,544,528,047.22 in the previous year[23]. - Research and development expenses decreased by 11.86% to ¥74,731,240.41 from ¥84,790,324.12 year-on-year[23]. - The company reported a significant increase in other income, rising by 370.46% to ¥27,636,777.35 from ¥5,874,356.57[24]. Assets and Liabilities - The total assets at the end of the reporting period were ¥5,993,119,547.74, a decrease of 1.22% from ¥6,066,978,747.18 at the end of the previous year[14]. - The net assets attributable to shareholders of the listed company increased by 0.56% to ¥3,178,632,372.34 from ¥3,160,798,388.67 at the end of the previous year[14]. - The accounts receivable increased by 197.90% to ¥1,186,719,408.73 from ¥398,358,461.63 year-on-year[27]. - The company’s cash and cash equivalents decreased by 35.13% to ¥556,901,052.17 from ¥858,435,838.44 last year[27]. - The company’s total assets decreased by 9.12% compared to the previous year, reflecting a strategic shift in asset management[27]. - Total liabilities decreased to CNY 2,777,896,738.73 from CNY 2,867,827,481.81, a reduction of approximately 3.13%[58]. - The equity attributable to shareholders rose to CNY 3,178,632,372.34 from CNY 3,160,798,388.67, reflecting an increase of about 0.56%[58]. - Inventory decreased to CNY 828,634,711.37 from CNY 1,001,679,183.25, indicating a decline of approximately 17.3%[56]. Market and Competition - The company sold 164,100 multi-cylinder engines, a year-on-year decrease of 19.52%[21]. - The company plans to accelerate technology innovation and optimize product structure to increase market share in the second half of 2024[22]. - The company is focusing on the development and promotion of hybrid, range-extended, hydrogen fuel cell, and gas engines[22]. - The company faces market risks due to increasing competition and uncertainty in product supply and pricing, particularly in the engine industry[34]. Environmental and Social Responsibility - The company has established a comprehensive environmental management system, including a wastewater treatment station and a recycling water supply system[38]. - The company has not faced any penalties from environmental authorities for pollution issues in recent years, highlighting its commitment to environmental protection[39]. - The company plans to introduce new environmental equipment and upgrade existing facilities to further reduce pollutant emissions and fulfill its social responsibility[39]. - The company has been recognized as an "Anhui Province Circular Economy Demonstration Enterprise" and an "Advanced Unit for Improving Resource Output Rate" among other accolades[39]. Research and Development - The company plans to enhance R&D investment to develop new technologies and products, particularly for the National VI and Non-Road IV standards[35]. - The company emphasizes talent development through partnerships with research institutions and universities[35]. - Research and development expenses for the first half of 2024 were CNY 74,731,240.41, down from CNY 84,790,324.12 in the same period of 2023, indicating a reduction of 11.9%[62]. Financial Management - The company has not reported any significant changes in financial indicators due to share changes during the reporting period[50]. - The total amount of raised funds is 75,000,000 CNY, with a net amount of 74,034,210 CNY after deducting issuance costs[47]. - The company has permanently supplemented working capital with surplus raised funds from completed projects, including the "National VI Series Engine Intelligent Manufacturing" and "Green Casting Upgrade" projects[50]. - The company has not made any significant changes to accounting policies or estimates during the reporting period[169]. Shareholder Information - The total number of common shareholders as of the end of the reporting period is 48,590[51]. - The top ten shareholders hold a total of 82,483,676 shares, accounting for 18.94% of the total shares[51]. - Anhui Quanchai Group Co., Ltd. holds 67,000,000 shares, representing 15.38% of the total shares[51]. - The restricted shares held by Anhui Quanchai Group Co., Ltd. amount to 22,941,176, which will be tradable on September 8, 2024[53]. Cash Flow and Investments - The company reported a net cash increase of -289,115,711.43 for the first half of 2024, compared to -138,692,184.62 in the same period of 2023[72]. - The ending cash and cash equivalents balance was 534,228,570.06, down from 919,667,440.35 at the end of the first half of 2023, indicating a decrease of approximately 41.9%[72]. - Cash inflow from investment activities totaled 514,541,424.33, down from 1,134,836,984.08 in the first half of 2023, reflecting a significant decrease of approximately 54.6%[70]. - The cash outflow for investment activities was 669,240,856.23, compared to 1,180,164,449.50 in the previous year, representing a reduction of about 43.3%[70]. Accounting and Compliance - The financial statements are prepared based on the enterprise accounting standards, ensuring a true and complete reflection of the company's financial status[84]. - The company assesses its ability to continue as a going concern for the next 12 months and found no issues affecting this capability[82]. - The company recognizes revenue when control of the related goods is transferred to the customer, which is when the customer can direct the use of the goods and obtain almost all economic benefits[150]. - Deferred tax assets and liabilities are recognized based on temporary differences between the carrying amounts of assets and liabilities and their tax bases[156].