ST海越(600387) - 2024 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2024 was ¥896,373,665.21, a decrease of 21.60% compared to ¥1,143,402,353.82 in the same period last year[16]. - The net profit attributable to shareholders for the first half of 2024 was ¥22,960,194.66, down 32.22% from ¥33,874,781.84 in the previous year[16]. - The net cash flow from operating activities was negative at ¥-332,561,307.55, compared to ¥-318,102,218.12 in the same period last year[16]. - The total assets at the end of the reporting period were ¥4,225,151,335.88, a decrease of 3.80% from ¥4,391,863,514.33 at the end of the previous year[16]. - The net assets attributable to shareholders increased by 0.72% to ¥2,889,797,800.01 from ¥2,869,038,670.26 at the end of the previous year[16]. - Basic earnings per share for the first half of 2024 were ¥0.05, a decrease of 28.57% from ¥0.07 in the same period last year[17]. - The weighted average return on net assets decreased to 0.8% from 1.08% in the previous year, a reduction of 0.28 percentage points[17]. - The company reported a net profit of ¥28,522,474.03 after deducting non-recurring gains and losses, which is a 3.24% increase compared to ¥27,628,301.81 in the previous year[16]. - The net cash flow from investing activities was positive at ¥8,977,000.65, compared to a negative cash flow of ¥-95,707,649.26 in the same period last year[16]. - The net cash flow from financing activities decreased by 73.07% to ¥117,045,887.65 from ¥434,617,699.50 in the previous year[16]. Regulatory and Compliance Issues - The company has been under scrutiny by the China Securities Regulatory Commission for information disclosure violations, leading to an investigation[6]. - The company is actively cooperating with the regulatory investigation and will fulfill its information disclosure obligations[6]. - The company has received a public reprimand from the Shanghai Stock Exchange due to fund occupation issues in 2023, involving the company, its controlling shareholder, and key executives[54]. - The company is actively rectifying issues related to information disclosure violations as per the notice from the China Securities Regulatory Commission[54]. - The company is enhancing internal controls to address issues identified in the audit report, focusing on related party transactions and fund management[52]. Internal Control and Governance - The company has faced continuous internal control deficiencies, with no authoritative acceptance report on the rectification actions taken in the first half of the year[2]. - The company has not been able to guarantee the authenticity and completeness of the semi-annual report due to ongoing issues with fund occupation and internal controls[2]. - The board of directors has not provided a profit distribution plan or capital reserve transfer plan for the reporting period[4]. - The semi-annual report has not been audited, raising concerns about the accuracy and completeness of the financial data presented[3]. - The company is conducting self-inspections and recovery efforts for occupied funds as highlighted in the audit report[52]. - The company is closely monitoring contract approvals and payment processes to ensure compliance with internal control procedures[52]. Shareholder and Capital Management - The annual shareholders' meeting approved several key reports and proposals, including the 2023 financial settlement report and the profit distribution plan[41]. - Independent director Shen Lie resigned due to personal reasons, which will reduce the proportion of independent directors on the board below one-third until a new director is elected[42]. - The company did not distribute profits or increase capital reserves during the reporting period, with no dividends or stock bonuses declared[44]. - There were no updates or changes regarding the company's employee stock ownership plans or other incentive measures during the reporting period[44]. Risk Management - The company faces risks from economic policy uncertainties, particularly in the context of international energy supply and demand recovery, which may impact market stability[36]. - The company is actively monitoring macroeconomic changes and plans to establish partnerships with large enterprises to diversify its business models and revenue sources[36]. - The company is addressing industry volatility risks by strengthening market risk awareness and enhancing risk management practices[37]. - The company is focusing on maintaining stable supply chains for raw materials and enhancing talent acquisition for its lithium materials integration project[38]. - The company is implementing a long-term safety production mechanism to mitigate safety and environmental risks associated with its operations[39]. Investment and Business Development - The company completed 6 project exits and analyzed over 70 projects in its venture capital business during the reporting period, managing a total fund size of approximately 515 million CNY[24]. - The company has established a strong collaboration with major state-owned enterprises like Sinopec and PetroChina, enhancing its market competitiveness[21]. - The company’s lithium extraction technology boasts a lithium recovery rate exceeding 80% and a solid waste utilization rate close to 100%[21]. - The lithium material integrated processing line in Tongchuan has a capacity of 1,000 tons, with an additional 12,000 tons line under construction, aimed at meeting the increasing domestic lithium demand[23]. Financial Position and Assets - The total current assets as of June 30, 2024, amount to CNY 2,238,451,496.79, a decrease from CNY 2,360,003,629.32 as of December 31, 2023, representing a decline of approximately 5.16%[65]. - Cash and cash equivalents decreased to CNY 566,028,606.65 from CNY 782,508,891.10, reflecting a reduction of about 27.6%[65]. - Accounts receivable increased significantly to CNY 209,090,063.55 from CNY 104,461,528.82, marking an increase of approximately 100%[65]. - Prepayments rose to CNY 392,474,270.80 from CNY 252,656,384.39, indicating an increase of around 55.4%[65]. - Inventory decreased to CNY 588,813,958.83 from CNY 726,419,799.75, showing a decline of about 19%[65]. - The company holds long-term equity investments valued at CNY 544,336,775.13 as of June 30, 2024, compared to CNY 552,292,316.26 at the end of 2023[65]. - The total non-current assets include fixed assets worth CNY 374,092,054.17, down from CNY 395,247,506.82[65]. Accounts Receivable and Bad Debt - Accounts receivable increased by 100.16% to ¥209,090,063.55, attributed to timing differences in large trade business[28]. - The total accounts receivable at the end of the period amounted to ¥217,043,431.31, with a bad debt provision of ¥9,559,617.76, representing a provision ratio of 4.40%[183]. - The total amount of accounts receivable from the top five debtors was ¥218,390,036.45, accounting for 87.22% of the total accounts receivable at year-end, with a corresponding bad debt provision of ¥31,716,279.61[185]. - The company has recognized a bad debt provision of ¥8,885,398.75 during the period, with a total bad debt provision at the end of the period amounting to ¥41,314,150.99[184]. - The company has a total of ¥1,612,500.00 in accounts receivable from Forward Petrochemical (Dalian) Co., Ltd., with a 50% bad debt provision due to the possibility of only recovering half of the amount[182]. - The company has a total of ¥15,374,720.93 in accounts receivable from Beijing Shounong Commercial Chain Co., Ltd., with a 100% bad debt provision due to low recovery prospects[182]. Inventory Management - The total inventory balance is CNY 844,836,407.66, with a provision for inventory depreciation of CNY 256,022,448.83[200]. - The balance of inventory for lithium carbonate-related materials is CNY 636,592,932.24, with a provision for depreciation of CNY 256,022,448.83[200]. Taxation and Incentives - The company has implemented tax incentives for hiring veterans, allowing for a deduction of RMB 6,000 per person per year for three years[172]. - The company’s subsidiary, which qualifies as a small and micro enterprise, benefits from a 50% reduction in various taxes until December 31, 2027[172]. - The company’s subsidiary engaged in resource utilization is eligible for a 90% reduction in taxable income from certain products[172].