RoadMainT(SH:603860)2024-08-29 07:35Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥48.65 million, a decrease of 22.97% compared to ¥63.16 million in the same period last year[14]. - The net profit attributable to shareholders of the listed company was approximately -¥5.08 million, representing a decline of 243.10% from a profit of ¥3.55 million in the previous year[14]. - The net profit after deducting non-recurring gains and losses was approximately -¥6.32 million, a decrease of 397.40% compared to ¥2.13 million in the same period last year[14]. - The net cash flow from operating activities was -¥52.37 million, compared to -¥32.84 million in the previous year, indicating a worsening cash flow situation[14]. - The basic earnings per share for the first half of 2024 was -¥0.08, a decline of 260.00% from ¥0.05 in the same period last year[15]. - The company reported a net loss of ¥8,224,868.33 for its wholly-owned subsidiary, Baizhou Company, for the reporting period[31]. - The net profit for the first half of 2024 was a loss of ¥6,027,544.35, compared to a profit of ¥3,120,287.06 in the first half of 2023, indicating a significant decline[57]. - The total comprehensive income for the first half of 2024 was ¥4,331,550.34, compared to ¥5,421,715.22 in the same period of 2023[59]. - The company reported a profit distribution of -7,694,872.00, indicating a loss allocation to owners[69]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥858.67 million, down 5.54% from ¥909.05 million at the end of the previous year[14]. - The net assets attributable to shareholders of the listed company decreased by 2.00% to approximately ¥754.95 million from ¥770.34 million at the end of the previous year[14]. - The company's cash and cash equivalents decreased by 30.39% to ¥168,126,013.58 from ¥241,510,709.63 year-on-year[28]. - The company's inventory increased by 40.88% to ¥54,968,168.34 from ¥39,016,992.85 year-on-year, indicating projects did not meet revenue recognition conditions[28]. - Contract liabilities increased by 43.35% to ¥34,030,389.00 from ¥23,739,403.62 year-on-year, reflecting an increase in advance payments[28]. - Total liabilities decreased from ¥134,711,063.52 to ¥100,675,578.21, a reduction of about 25.3%[52]. - The total equity attributable to shareholders decreased from ¥770,343,594.60 to ¥754,951,755.58, a decline of approximately 2%[52]. - The total amount of dividends payable at the end of the period is 11,162.85 RMB, unchanged from the beginning of the period[181]. Revenue and Expenses - Operating costs decreased by 28.15% to ¥24,276,269.97 from ¥33,787,324.79 year-on-year[26]. - The total operating costs for the first half of 2024 were ¥56,566,237.85, down from ¥62,010,163.42, reflecting a reduction of 8.4%[56]. - The total sales expenses for the current period amount to CNY 2,527,404.53, an increase from CNY 1,417,705.00 in the previous period, reflecting a rise of approximately 78.2%[194]. - The total management expenses for the current period are CNY 11,705,079.92, compared to CNY 12,434,436.89 in the previous period, showing a decrease of about 5.9%[194]. - The company experienced a significant increase in tax expenses, rising to ¥2,627,245.28 from ¥1,077,862.90, an increase of 143.1%[56]. Research and Development - The company has established a solid talent team, with core technical personnel recognized as leaders in the field of road condition detection technology[23]. - Research and development expenses for the first half of 2024 were ¥6,176,550.64, comparable to ¥6,254,686.37 in the same period of 2023, indicating stable investment in innovation[56]. - The company applied for 1 invention patent and obtained 2 invention patent authorizations during the reporting period[25]. Market Position and Risks - The company has established a competitive advantage in the road maintenance market, offering complete equipment, technology, and services with significant advantages in price, applicability, and after-sales service compared to domestic and international competitors[33]. - The demand for scientific decision-making systems in road maintenance is rapidly increasing, which may attract well-funded domestic and international companies to enter the market, posing a competitive risk to the company[33]. - The traditional decision-making mindset in road maintenance may hinder the company's efforts to promote scientific decision-making equipment, technology, and services, leading to market expansion risks[34]. - The establishment and improvement of the scientific decision-making system in road maintenance are significantly influenced by policies set by industry authorities, which may pose policy risks if unfavorable regulations emerge[35]. Corporate Governance - The company held its 2023 Annual General Meeting on April 8, 2024, where resolutions regarding the annual report and profit distribution plan were discussed[37]. - There were changes in the company's board and management personnel, including the election and resignation of key positions[38]. - The company does not plan to distribute profits or increase capital reserves in the first half of 2024[38]. - The company has committed to avoiding competition with its controlling shareholders and related parties, ensuring compliance with commitments made in 2016[41]. - The company has pledged to respect its independent legal status and ensure autonomous decision-making[42]. Accounting Policies and Financial Instruments - The financial statements are prepared based on the assumption of going concern, ensuring the company's ability to continue operations[77]. - The company adheres to the accounting standards for enterprises, ensuring the financial statements reflect a true and complete picture of its financial status[78]. - Financial instruments are classified into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[87]. - The company recognizes expected liabilities when there is a present obligation that is likely to result in an outflow of economic benefits[113]. - Government grants are recognized when conditions are met and amounts are measurable, with monetary grants measured at received or receivable amounts[118]. Inventory and Receivables - Inventory is classified into raw materials, work in progress, finished goods, and contract fulfillment costs, with a perpetual inventory system in place[93]. - The company has a bad debt provision of ¥32,658,828.22, which is approximately 20.0% of the total accounts receivable[132]. - The total accounts receivable at the end of the period amounted to ¥158,708,625.64, with a bad debt provision of ¥28,639,387.85, resulting in a provision ratio of 18.04%[135]. - The provision ratio for accounts receivable aged over 5 years is 100%, amounting to ¥11,918,096.46[135]. Cash Flow and Financing - The company experienced a decrease in cash inflow from operating activities, which totaled ¥58,487,332.31, down from ¥69,767,622.70 in the previous year[59]. - Cash outflow for financing activities totaled 10,325,711.40 RMB, with a net cash flow of -10,325,711.40 RMB, compared to -7,702,566.87 RMB in the previous period, indicating increased financing costs[63]. - The total amount of long-term borrowings is not applicable as per the report[184].