BLEST(SH:603959)2024-08-28 09:32Financial Performance - The company's operating revenue for the first half of 2024 was ¥561,037,345.98, a decrease of 39.98% compared to ¥934,716,699.11 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was -¥134,155,986.95, representing a decline of 300.90% from a profit of ¥66,776,469.39 in the previous year[13]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥141,225,751.81, a decrease of 540.64% compared to -¥22,044,388.64 in the same period last year[13]. - Basic earnings per share (EPS) decreased to -0.27 CNY, a decline of 292.86% compared to 0.14 CNY in the same period last year[14]. - Diluted EPS also fell to -0.27 CNY, reflecting the same percentage decrease of 292.86%[14]. - The weighted average return on equity (ROE) dropped to -28.37%, a decrease of 38.01 percentage points from 9.64%[14]. - The company reported a net loss increased to CNY -423,782,622.09 from CNY -289,626,635.14, indicating a worsening of approximately 46.2%[61]. - The total comprehensive income for the current period decreased by ¥66,829,362.20, resulting in a total equity of ¥349,008,547.50 at the end of the period[82]. Cash Flow and Assets - The net cash flow from operating activities was -¥81,558,514.28, an improvement of 68.58% from -¥259,598,328.09 in the previous year[13]. - Cash and cash equivalents decreased by 51.44% to ¥254,015,453.59, accounting for 7.44% of total assets[28]. - The company's total assets decreased to CNY 3,404,942,389.31 from CNY 4,045,101,591.51, reflecting a decrease of approximately 15.8%[61]. - The total liabilities decreased to CNY 2,945,641,718.13 from CNY 3,446,126,499.85, a decline of about 14.5%[61]. - The company's total equity decreased to CNY 459,300,671.18 from CNY 598,975,091.66, a decline of approximately 23.3%[61]. - The company reported a significant increase in other receivables, rising to CNY 170,546,225.04 from CNY 37,012,466.91, an increase of approximately 360%[59]. Business Operations and Strategy - The company focuses on providing integrated solutions for smart factories in the new energy and traditional energy sectors, including engineering consulting, proprietary equipment manufacturing, and EPC contracting services[15]. - The company is actively expanding its business in lithium battery materials, including the development of intelligent production lines for cathode and anode materials[15]. - The company has accumulated numerous leading technologies in lithium battery production equipment, enhancing its competitive edge in the market[15]. - The company is leveraging its expertise in engineering design to enhance its EPC contracting capabilities, which is the primary model for its contracting business[15]. - The company signed new contracts totaling 1.865 billion yuan in the first half of the year, with 30 million yuan in the chemical sector and 1.835 billion yuan in the lithium battery sector, resulting in a total order backlog of 4.399 billion yuan[23]. Market and Industry Insights - In the first half of 2024, China's automobile production and sales reached 13.89 million and 14.04 million units, respectively, with year-on-year growth of 4.9% and 6.1%[16]. - New energy vehicle (NEV) sales reached 4.944 million units, marking a year-on-year increase of 32%, with a market share of 35.2%[16]. - The lithium battery market in China is expected to exceed 1,100 GWh in shipments for 2024, representing a year-on-year growth of over 27%[17]. - The total production of lithium batteries in China for the first half of 2024 was 480 GWh, reflecting a year-on-year increase of 20%[17]. - The total revenue of the petrochemical industry in the first half of 2024 was 8 trillion yuan, with a year-on-year growth of 5.1%[17]. Risks and Challenges - There is a risk of non-operational fund occupation by controlling shareholders and other related parties[5]. - The company faces risks including macroeconomic risks, accounts receivable risks exceeding ¥700 million, and cash flow shortages due to fund occupation by actual controllers[34][37]. - The company is navigating a complex economic environment with ongoing geopolitical conflicts and trade uncertainties, impacting overall industry profitability[22]. Research and Development - The company has developed 240 patents, with 15 new patents granted during the reporting period[25]. - The company is engaged in multiple R&D projects, including high-end lithium battery material production equipment and new processes for lithium iron phosphate production[25]. - Research and development expenses increased to ¥54,623,854.63 in the first half of 2024, up from ¥51,390,256.12 in the same period of 2023, indicating a growth of about 4.5%[67]. Corporate Governance and Management - The company appointed Wang Liyan as the new chairman of the board on May 24, 2024, following the resignation of Wang Hairong due to personal reasons[42]. - The company has not proposed any profit distribution or capital reserve transfer increase for the half-year period[42]. - The company has not reported any major lawsuits or regulatory penalties during the reporting period[48]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 21,002[54]. - The largest shareholder, Tibet Xinhai New Venture Investment Co., Ltd., holds 146,114,350 shares, accounting for 29.80% of the total shares[55]. - The increase in shares held by director Xiao Liming during the reporting period is 7,000 shares[57]. Accounting and Financial Reporting - The company adheres to the accounting standards, ensuring that financial statements accurately reflect its financial position and operating results[92]. - The company recognizes revenue based on the completion of performance obligations, confirming revenue when control of goods or services is transferred to the customer[154]. - The company applies simplified accounting for short-term leases and low-value asset leases, not recognizing right-of-use assets and lease liabilities for qualifying leases[167].