*ST金山(600396) - 2024 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 2,142,252,874.43, a decrease of 36.98% compared to CNY 3,399,244,370.51 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was CNY 120,325,990.44, a significant recovery from a loss of CNY 509,670,426.08 in the previous year[13]. - The net cash flow from operating activities was CNY 204,240,326.69, improving from a negative cash flow of CNY 376,743,710.76 in the same period last year[13]. - Basic earnings per share (EPS) for the first half of 2024 is CNY 0.0817, compared to a loss of CNY 0.3461 in the same period last year[15]. - The company achieved a weighted average return on equity of 28.82% for the reporting period[15]. - The company achieved a turnaround, reporting a profit of ¥158,186,705.78 in the first half of 2024, compared to a loss of ¥535,569,116.35 in the same period of 2023[24]. - Operating revenue decreased by 36.98% year-on-year to ¥2,142,252,874.43, while operating costs fell by 50.29% to ¥1,705,970,580.85[22]. - The company’s main business profit increased to ¥412,371,614.39, compared to a loss of ¥53,593,955.34 in the same period last year[24]. - The company reported a total of 4,075,056,530.45 in restricted assets, primarily due to various guarantees and financing arrangements[29]. - The company reported a total of 2,314,177,477.13 CNY in accounts payable to related parties at the end of the period, with a decrease of 209,801,877.43 CNY during the reporting period[71]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 13,618,573,271.92, a decrease of 1.87% from CNY 13,878,349,898.53 at the end of the previous year[13]. - The net assets attributable to shareholders of the listed company increased by 41.89% to CNY 496,434,623.39 from CNY 349,865,109.28 at the end of the previous year[13]. - The company's total liabilities decreased to ¥12,623,248,176.10, down 3.3% from ¥13,049,253,930.42[86]. - Current liabilities decreased to ¥6,847,923,666.79, a reduction of 13.2% compared to ¥7,893,708,627.38[86]. - Long-term borrowings increased to ¥4,240,410,529.31, up 21.3% from ¥3,493,901,458.58[86]. - The company's total current assets as of June 30, 2024, amount to approximately CNY 1.93 billion, an increase from CNY 1.91 billion at the end of 2023[84]. - Cash and cash equivalents increased to CNY 520.25 million from CNY 500.50 million, reflecting a growth of 3.49%[84]. - Accounts receivable rose to CNY 1.11 billion, up from CNY 1.02 billion, indicating an increase of 8.00%[84]. - Inventory decreased to CNY 90.56 million from CNY 147.40 million, a decline of 38.57%[84]. - Long-term equity investments increased to CNY 584.94 million from CNY 547.21 million, representing a growth of 6.92%[84]. Operational Efficiency - The company is focusing on cost control and optimizing coal procurement to reduce expenses and improve profitability[20]. - The company has undertaken significant asset sales, improving its asset structure and quality, enhancing sustainable operational capabilities[19]. - The average utilization hours for the company's thermal power units in Liaoning was 1,554 hours, exceeding the provincial average by 278 hours[19]. - The company reported a total cash inflow from operating activities of 421,202,090.46, down from 911,320,692.99 in the previous year, reflecting a decrease of approximately 53.8%[97]. - The total cash outflow from operating activities was 486,679,592.62, down from 913,351,293.65 in the same period last year, indicating a reduction of approximately 46.8%[97]. Environmental and Social Responsibility - The company reported a total of 59.45 tons of smoke dust, 374.13 tons of sulfur dioxide, and 668.11 tons of nitrogen oxides emissions, all meeting the discharge permit requirements[43]. - The company achieved a 100% operational rate for dust removal facilities, with an efficiency greater than 99.9%[44]. - The company invested 57,000 yuan in poverty alleviation and rural revitalization efforts in the first half of 2024[53]. - The company has implemented energy-saving and carbon reduction measures through the transformation of water pump frequency conversion projects, improving operational efficiency[52]. - The company has completed ultra-low emission renovations for all coal power enterprises, ensuring compliance with environmental standards[44]. Governance and Compliance - The company emphasizes that the forward-looking statements in the report do not constitute a substantive commitment to investors, highlighting potential investment risks[4]. - The company has not violated decision-making procedures for external guarantees[4]. - The company guarantees that its senior management will not hold positions in other companies controlled by the parent company, ensuring personnel independence[63]. - The company has established a long-term commitment to uphold the independence of its operations and governance structures[64]. - The company has committed to maintaining operational independence from its parent group, ensuring no interference in financial decisions[66]. Related Party Transactions - The company reported a total of 85,194,751.83 RMB in related party transactions, primarily for coal procurement and service fees[69]. - The company’s related party transactions included a total of 12,289,527.02 CNY in initial balances for accounts receivable[73]. - The company’s related party transactions resulted in a total of 2,523,979,354.56 CNY in initial balances for accounts payable[71]. - The company has a total of 10,429,390.09 RMB in related transactions related to daily operations, including heat sales and consulting services[70]. - The company has engaged in various engineering and technical services with related parties, amounting to 300,884.96 RMB[69]. Taxation and Incentives - The corporate income tax rate for the company is 15% due to its qualification under the Western Development tax incentive policy[175]. - The company continues to enjoy property tax and urban land use tax exemptions for heating facilities until the end of the 2023 heating period[176]. - The company has implemented tax incentives for its renewable energy projects, which include tax exemptions and reductions for specific periods[177]. Accounting Policies - The company adheres to the latest accounting standards issued by the Ministry of Finance, ensuring that financial statements accurately reflect its financial position, operating results, and cash flows[113]. - The company recognizes significant receivables for write-off when the amount exceeds 5% of total receivables and is greater than 10 million RMB[117]. - The company measures inventory at the lower of cost and net realizable value, with impairment provisions made when costs exceed net realizable values[141]. - The company recognizes revenue primarily from electricity product sales, heating product sales, service provision, network connection fees, and asset usage rights transfer[164].