JINGYI INC.(SZ:002295)2024-08-30 09:03Financial Performance - The company's operating revenue for the first half of 2024 was ¥1,715,299,005.77, representing a 26.00% increase compared to ¥1,361,389,123.54 in the same period last year[11]. - Net profit attributable to shareholders decreased by 22.33% to ¥19,034,974.47 from ¥24,505,963.49 year-on-year[11]. - The net profit after deducting non-recurring gains and losses was ¥13,598,226.18, down 34.51% from ¥20,763,722.80 in the previous year[11]. - Basic and diluted earnings per share both decreased to ¥0.08, down 22.33% from ¥0.10[11]. - The company's operating income for the first half of 2024 was CNY 92,855,251.42, a significant decrease from CNY 1,008,228,970.94 in the same period of 2023, representing a decline of approximately 91.83%[86]. - The net profit for the first half of 2024 was CNY 1,767,320.54, compared to CNY 10,414,235.02 in the first half of 2023, indicating a decrease of about 83.01%[86]. - The total profit for the first half of 2024 was CNY 2,356,427.37, down from CNY 13,885,646.70 in the previous year, reflecting a decline of approximately 83.06%[86]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at ¥-233,989,709.94, a decline of 184.77% compared to ¥-82,169,087.45 in the same period last year[11]. - The company's net cash flow from operating activities was CNY 2,661,572,533.25, compared to CNY 3,299,590,493.37 in the first half of 2023, a decrease of about 19.43%[88]. - The ending balance of cash and cash equivalents was 23,592,264.59 CNY, compared to 9,606,576.34 CNY at the end of the first half of 2023[92]. - The company reported a total cash balance of ¥128,065,729.94 as of June 30, 2024, down from ¥366,513,553.65 at the beginning of the period[192]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,063,151,354.14, a slight increase of 0.68% from ¥2,049,190,100.13 at the end of the previous year[11]. - Total liabilities increased from ¥712,582,560.19 to ¥718,307,923.15, a rise of approximately 0.8%[80]. - Accounts receivable increased by 10.14% to ¥968,592,125.04, compared to ¥754,402,713.84, driven by higher sales volume and copper prices[26]. - The total accounts receivable balance is CNY 1,012,232,452.22, with a bad debt provision of CNY 43,640,327.18, representing a provision ratio of 4.31%[199]. Business Operations - The main business of the company remains focused on copper processing and trading, with no significant changes during the reporting period[16]. - The copper processing business primarily produces precision copper tubes and rods, utilizing an "electrolytic copper price + agreed processing fee" pricing model[16]. - The company has established a copper rod production line with an annual capacity of 10,000 tons, which began trial production in late June 2023[17]. - The company is actively expanding its trade business and optimizing its customer structure to enhance profitability and risk management[17]. Research and Development - Research and development expenses rose by 2.02% to ¥7,850,313.48, compared to ¥7,695,224.87 in the previous year[21]. - The company emphasizes technological research and development, having established several research centers and receiving multiple awards for innovation[18]. - The company continues to invest in R&D, with expenses of CNY 7,850,313.48, slightly up from CNY 7,695,224.87, highlighting a commitment to innovation[84]. Risk Management - The company faces risks from market competition, particularly in the copper processing industry, which is characterized by high competition and product homogeneity[38]. - The company is implementing hedging strategies to mitigate risks associated with fluctuations in raw material prices, particularly copper[38]. - Financial costs are expected to rise due to macroeconomic changes, prompting the company to optimize capital management and improve funding efficiency[38]. Corporate Governance and Compliance - The company has not reported any significant environmental violations or penalties during the reporting period and is committed to improving its environmental management practices[43]. - The company has not engaged in any related party transactions during the reporting period, including asset or equity acquisitions[53]. - The company has maintained a stable profit distribution policy to ensure reasonable returns to shareholders[44]. Subsidiary Performance - The company’s subsidiary, 精艺万希, generated a net profit of CNY 5,305,640.54, contributing significantly to the overall net profit[36]. - Subsidiary Wuhu Copper Industry reported a net profit of ¥13,342,013.21, a significant increase of 1,171.56% compared to the same period in 2023, driven by growth in the copper processing sector[37]. Shareholder Information - The total number of shares is 250,616,000, with 99.87% being unrestricted shares[67]. - The largest shareholder, Nantong Sanjian Holdings Co., Ltd., holds 30.00% of the shares, totaling 75,184,700 shares[70]. Taxation - The company has a tax rate of 25% for Guangdong Jingyi Metal Co., Ltd. and 15% for its subsidiary, Foshan Shunde Jingyi Wanxi Copper Industry Co., Ltd., which is recognized as a high-tech enterprise[190][191]. - The company’s subsidiary, Wanxi Copper Industry, continues to benefit from a preferential tax rate of 15% for three years as a high-tech enterprise[191].