WXHS(SH:603090)2024-08-28 09:07Financial Performance - The company's operating revenue for the first half of 2024 was ¥319,316,018.48, a decrease of 5.92% compared to ¥339,396,612.00 in the same period last year[13]. - The net profit attributable to shareholders for the first half of 2024 was ¥30,737,521.46, down 20.36% from ¥38,595,005.81 in the previous year[13]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥30,435,027.52, a decrease of 21.12% compared to ¥38,584,109.67 in the same period last year[13]. - The basic earnings per share for the first half of 2024 was ¥0.31, down 20.51% from ¥0.39 in the same period last year[14]. - The diluted earnings per share for the first half of 2024 was also ¥0.31, reflecting a 20.51% decrease compared to the previous year[14]. - The weighted average return on net assets for the first half of 2024 was 5.34%, a decrease of 1.61 percentage points from 6.95% in the same period last year[14]. - The net cash flow from operating activities was not reported for the current period, but it was ¥23,642,141.92 in the previous year, showing a decrease of 29.27%[13]. - The total assets at the end of the reporting period were ¥834,709,159.83, an increase of 1.85% from ¥819,513,322.73 at the end of the previous year[13]. - The net assets attributable to shareholders at the end of the reporting period were ¥560,285,416.35, a slight increase of 0.10% from ¥559,752,594.03 at the end of the previous year[13]. Research and Development - The company reported a significant increase in research and development expenses due to higher labor costs[22]. - Research and development expenses increased by 7.43% to ¥13,833,628.94, reflecting ongoing investment in innovation[23]. - The company plans to continue focusing on market expansion and new product development as part of its strategic initiatives[57]. Environmental Initiatives - The company has implemented environmental protection measures, including a total solar power capacity of 1.2 megawatts[38]. - The company reported emissions of 0.118 tons/year of particulate matter and 0.1669 tons/year of VOCs from its operations[36]. - The company has established a comprehensive environmental management system and received ISO 14001:2015 certification[38]. - The company actively promotes energy conservation and emission reduction through training and awareness programs[38]. - The company established a green manufacturing system focusing on energy management, clean production, and waste resource utilization[39]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 8,222[49]. - The largest shareholder, Niu Yuxia, holds 47,675,000 shares, representing 47.68% of the total shares[49]. - The second largest shareholder, Zhongke Investment Management Group, holds 3,499,400 shares, representing 3.50% of the total shares[49]. - The third largest shareholder, Niu Faqing, holds 2,643,700 shares, representing 2.64% of the total shares[49]. Financial Position - Total current assets increased to ¥552,835,968.23, up from ¥543,931,874.85, representing a growth of approximately 5.3%[51]. - Total liabilities increased to ¥257,278,257.16 from ¥243,444,786.46, representing a rise of approximately 5.7%[53]. - Total equity attributable to shareholders rose to ¥560,285,416.35 from ¥559,752,594.03, reflecting a slight increase of about 0.1%[53]. - Cash and cash equivalents decreased to ¥141,123,282.47 from ¥162,899,004.62, a decline of approximately 13.4%[51]. Risks and Challenges - The company faces risks from raw material price volatility, particularly aluminum, which constitutes about 50% of production costs[30]. - The company has significant reliance on tax incentives, with potential risks if tax policies change, particularly regarding export tax rebates[30]. - The company relies heavily on exports, with approximately 70% of its business coming from international markets, exposing it to foreign market demand fluctuations[30]. Accounting Policies - The financial statements are prepared based on the assumption of going concern, indicating the company has the ability to continue operations for at least 12 months from the reporting date[78]. - The company’s accounting policies comply with the requirements of enterprise accounting standards, ensuring a true and complete reflection of its financial status[80]. - The company recognizes construction projects exceeding 2% of total assets as significant[84]. Cash Flow and Financing - The net cash flow from operating activities for the first half of 2024 was ¥36,949,919.06, a decrease of 47.3% compared to ¥70,001,114.98 in the same period of 2023[64]. - The company’s net cash flow from financing activities was -¥40,163,603.47, compared to -¥21,940,149.68 in the first half of 2023[64]. - The company reported a total operating cash inflow of ¥56,656,546.77, down 34.9% from ¥87,142,605.68 in the first half of 2023[64]. Inventory and Receivables - The total inventory at the end of the period is CNY 167,591,459.59, with a provision for inventory depreciation of CNY 13,735,938.95[176]. - The accounts receivable balance at the end of the period was ¥250,520,072.88, up from ¥232,825,826.35, indicating an increase of 7.4%[159]. - The company has a bad debt provision for accounts receivable of ¥17,962,126.69, which corresponds to a provision rate of 7.17%[161]. Investments - The company has significant investments in subsidiaries, with a total investment of ¥200,000,000.00 in Wuxi Hongsheng Heat Exchange System Co., Ltd.[27]. - The company’s long-term equity investment in Wuxi Yingtong Technology Co., Ltd. has a closing balance of CNY 333,742.80, with an investment loss of CNY 39,516.58 recognized under the equity method[181]. Changes in Capital Structure - The company did not distribute profits or increase capital reserves for the year 2023[35]. - There have been no changes in the total number of shares or the capital structure during the reporting period[48]. - The company has a total of 100,000,000.00 RMB in paid-in capital, indicating no changes in share capital during the reporting period[71].