登海种业(002041) - 2024 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2024 was ¥407,692,633.40, a decrease of 15.63% compared to ¥483,197,074.84 in the same period last year[11]. - The net profit attributable to shareholders was ¥52,735,389.87, down 29.29% from ¥74,576,285.18 year-on-year[11]. - The net profit after deducting non-recurring gains and losses was ¥10,830,439.02, reflecting a significant decline of 71.91% from ¥38,551,935.65 in the previous year[11]. - The basic earnings per share decreased by 29.28% to ¥0.0599 from ¥0.0847 in the same period last year[11]. - The company's total assets at the end of the reporting period were ¥4,726,848,942.96, a decrease of 1.57% from ¥4,802,168,323.50 at the end of the previous year[11]. - The net assets attributable to shareholders increased slightly by 0.59% to ¥3,590,609,338.13 from ¥3,569,553,948.26 at the end of the previous year[11]. - The company reported a net cash flow from operating activities of -¥126,799,071.41, an improvement of 53.84% compared to -¥274,691,898.52 in the same period last year[11]. Market and Competition - The company reported a significant focus on new variety research and promotion, highlighting the challenges of long development times and high costs associated with breeding new crop varieties[2]. - The seed industry is characterized by seasonality, with the majority of revenue and profit concentrated in the months of November-December and January-June of the following year[2]. - The overall market for corn seeds is experiencing a slowdown in supply and demand, with a notable increase in return rates for corn seeds by the end of June[15]. - The company is facing increased competition due to the rapid introduction of new technologies and products in the market[2]. - The company continues to focus on expanding its market presence while navigating the challenges posed by counterfeit products and illegal seed operations[2]. Research and Development - The company is actively involved in the development of new seed varieties and has seen a notable increase in the number of genetically modified corn and soybean varieties approved for production[15]. - The company has established a stable development model in crop breeding, aligning with national industrial development policies[16]. - R&D investment increased by 19.81% to CNY 37,968,891.89 from CNY 31,690,815.54 year-on-year[24]. - Research and development expenses increased to CNY 37.66 million in the first half of 2024, up 19.9% from CNY 31.37 million in the first half of 2023[71]. Financial Position - The company's cash and cash equivalents at the end of the period amounted to CNY 1,459,045,090.33, representing 30.87% of total assets[28]. - The total current assets decreased to ¥3,914,233,051.93 from ¥4,020,082,336.88, indicating a decline of about 2.6%[64]. - The company’s short-term borrowings increased by 140.13%, attributed to loans for seed production funding[21]. - The total liabilities decreased from CNY 917,630,658.56 to CNY 826,676,670.70, a reduction of about 9.89%[66]. - The total equity increased to CNY 3.35 billion in the first half of 2024, compared to CNY 3.33 billion in the same period of 2023[71]. Corporate Governance - The company has not reported any changes in its registered address or contact information during the reporting period[8]. - The company’s legal representatives and financial officers have confirmed the accuracy and completeness of the financial report[1]. - The annual shareholders' meeting had a participation rate of 60.95% on May 13, 2024[43]. - The company does not plan to distribute cash dividends or issue bonus shares for the half-year period[44]. Risk Factors - The overall inventory in the corn seed industry remains high, which poses a market risk for the company[2]. - The company is sensitive to natural disasters, which can directly affect seed yield and quality during critical production periods[1]. - The company emphasizes the importance of adhering to national agricultural policies, which could impact operations if there are significant changes[1]. Social Responsibility - The company donated 3,000 RMB to the Changji Disabled Persons' Federation during the reporting period[46]. - The company has no significant environmental issues or administrative penalties reported during the period[46]. Accounting Policies - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that financial statements reflect the true financial condition and operating results[97]. - The company uses the effective interest method to recognize interest income on financial assets measured at amortized cost, with impairment losses recognized in profit or loss[112]. - The company recognizes revenue when it fulfills its performance obligations, which occurs when customers gain control of the related goods or services[167].