JCF(000420)2024-08-28 08:09Financial Performance - The company's operating revenue for the first half of 2024 was CNY 1,775,792,772.63, representing a 3.05% increase compared to CNY 1,723,151,090.16 in the same period last year[11]. - Net profit attributable to shareholders decreased by 17.48% to CNY 40,179,827.28 from CNY 48,689,329.86 year-on-year[11]. - The net profit after deducting non-recurring gains and losses increased by 8.71% to CNY 34,516,114.58 compared to CNY 31,751,809.84 in the previous year[11]. - The net cash flow from operating activities decreased by 33.87% to CNY 28,290,357.58 from CNY 42,778,073.60 in the same period last year[11]. - The basic earnings per share decreased by 17.68% to CNY 0.0163 from CNY 0.0198 in the same period last year[11]. - The diluted earnings per share also decreased by 17.68% to CNY 0.0163 from CNY 0.0198 year-on-year[11]. - The weighted average return on equity decreased by 0.20% to 0.92% compared to 1.12% in the previous year[11]. - The company's financial expenses increased by 8.43% to ¥116,911,267.34, influenced by rising interest and discount fees[25]. - The total operating costs increased to CNY 1,717,557,271.51 in the first half of 2024 from CNY 1,688,012,117.46 in 2023, reflecting a rise of about 1.03%[95]. - Net profit for the first half of 2024 was CNY 40,179,827.28, down from CNY 48,689,329.86 in the same period of 2023, indicating a decline of approximately 17.3%[96]. Revenue Breakdown - The revenue from viscose fiber products is ¥1,346,066,713.24, accounting for 75.80% of total revenue, with a year-on-year growth of 10.22%[26]. - The carbon fiber product revenue decreased by 45.95% to ¥94,698,059.71, down from ¥175,207,640.54 in the previous year, indicating significant challenges in this segment[26]. - The company reported a total comprehensive income of CNY 40,179,827.28 for the current period[106]. - The total revenue for Jilin Chemical Fiber Co., Ltd. reached 3,167.35 million, reflecting a 2.86% increase compared to the previous period[54]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 11,267,920,413.46, a 5.45% increase from CNY 10,685,992,593.29 at the end of the previous year[11]. - The net assets attributable to shareholders increased by 0.92% to CNY 4,402,920,745.81 from CNY 4,362,740,918.53 at the end of the previous year[11]. - The company's total liabilities increased to CNY 6,864,999,667.65 from CNY 6,323,251,674.76, indicating a growth of about 8.59%[90]. - Current liabilities totaled CNY 5,330,349,101.57, compared to CNY 4,793,071,783.93, showing an increase of about 11.19%[90]. - The total equity attributable to shareholders rose to CNY 4,402,920,745.81 from CNY 4,362,740,918.53, marking an increase of approximately 0.92%[90]. Research and Development - Research and development expenses surged to CNY 10,039,572.65 in the first half of 2024, compared to CNY 2,415,638.19 in 2023, marking an increase of about 314.5%[95]. - The company plans to enhance R&D investment to improve the technological content and added value of its viscose filament products, while actively entering the carbon fiber composite materials sector[32]. - The company maintains a stable and strong R&D team, contributing to numerous patents and process innovations, which support ongoing production and cost control[23]. Market and Industry Outlook - The company primarily engages in the production and sales of viscose filament and carbon fiber products, with a focus on viscose filament capacity of approximately 80,000 tons per year[16]. - The domestic viscose filament production capacity is around 210,000 tons, with the company capturing a growing market share due to the exit of other competitors[20]. - The carbon fiber market is projected to grow significantly, driven by demand in wind power and sports leisure sectors, with an estimated market share of 75% in these applications[17]. - The company has seen a recovery in profitability due to rising prices and decreasing costs in viscose filament, indicating a positive market outlook[18]. - The carbon fiber industry is experiencing a phase of price decline due to supply-demand dynamics, but long-term prospects remain strong with increasing applications in various industrial sectors[20]. Corporate Governance and Compliance - The company has not engaged in any non-operating fund occupation by the controlling shareholder or related parties during the reporting period, reflecting good financial governance[47]. - There were no significant lawsuits or arbitration matters during the reporting period, indicating a stable legal environment for the company[49]. - The company has maintained a good integrity status, with no significant debts or court judgments pending during the reporting period[50]. - The company has committed to fulfilling its immediate return measures as part of its long-term commitments made on November 3, 2021[46]. - The company adheres to environmental regulations and has established a comprehensive management system for energy conservation and emissions reduction[45]. Environmental and Social Responsibility - The company emphasizes environmental protection and has implemented measures to reduce carbon emissions, although specific results were not disclosed[43]. - The company actively participates in local public welfare initiatives and pays taxes on time[45]. - The company has obtained a pollution discharge permit valid from June 10, 2023, to June 9, 2028[40]. - The company reported a total discharge of 960 tons for chemical oxygen demand, which is below the approved limit of 1161 tons[41]. Shareholder Information - The total number of shares after the recent changes is 2,458,868,343, with 99.97% being unrestricted shares[67]. - The largest shareholder, Jilin Chemical Fiber Group Co., Ltd., holds 12.94% of the shares, totaling 318,067,074 shares, with 158,000,000 shares pledged[67]. - The company has not undergone any changes in its controlling shareholder or actual controller during the reporting period[84]. - The report indicates that there are no significant changes in the shareholding of directors, supervisors, and senior management during the reporting period[83]. Financial Reporting and Audit - The company's half-year financial report has not been audited, which may affect the reliability of the financial data presented[47]. - The financial report was approved for release on August 29, 2024[117]. - The financial statements are prepared in accordance with the Chinese Accounting Standards and reflect the company's financial position and operating results accurately[120].