SMHC(SH:600131)2014-08-06 16:00Financial Performance - The company's operating revenue for the first half of 2014 was CNY 389,019,644.50, a decrease of 13.98% compared to CNY 452,265,725.43 in the same period last year[16]. - The net profit attributable to shareholders of the listed company was CNY 72,143,755.52, a significant recovery from a loss of CNY 48,028,509.62 in the previous year[16]. - The net cash flow from operating activities was CNY 90,672,431.27, down 3.18% from CNY 93,645,895.40 in the previous year[16]. - The company reported a net profit of CNY 59,380,941.28, a significant recovery from a loss of CNY 12,762,814.24 in the previous period[104]. - The company reported a total of CNY 80,872,037.95 in net profit for the first half of 2014[127]. - The company's net profit for the current period is 69.8 million RMB, an increase of 122.1 million RMB compared to a net loss of 52.3 million RMB in the same period last year[26]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,387,104,449.18, an increase of 2.61% from CNY 2,326,452,450.18 at the end of the previous year[16]. - The company's total liabilities were CNY 1,666,487,000, resulting in an asset-liability ratio of 69.81%[20]. - The company's equity attributable to shareholders increased to CNY 721,584,386.09 from CNY 649,440,630.57, reflecting a growth of about 11.1%[104]. - Total liabilities decreased to CNY 1,666,487,010.70 from CNY 1,675,630,142.17, a reduction of about 0.9%[104]. - The total equity at the end of the current period is CNY 767,344,210.68, reflecting a significant decline compared to the previous year[125]. Cash Flow - The net cash flow from operating activities decreased due to a reduction in sales revenue, leading to a decrease in cash received from sales compared to the previous year[24]. - The net cash flow from financing activities increased due to a higher net increase in borrowings and increased interest expenses compared to the previous year[24]. - The total cash inflow from financing activities was ¥350,000,000.00, up from ¥150,000,000.00 in the previous year, indicating a 133.3% increase[121]. - The total cash and cash equivalents at the end of the period reached ¥185,384,899.06, compared to ¥100,134,024.99 at the end of the previous year, marking an 85.0% increase[121]. Investments - The investment income for the first half of 2014 was CNY 5,746.74 million, representing a year-on-year increase of 127.26%[20]. - The company’s subsidiary, Sichuan Futang Hydropower Co., Ltd., contributed an investment income of 5.28 million RMB, with a net profit of 13.98 million RMB from a total revenue of 248.48 million RMB[30]. - The company has provided a total of RMB 49,442,967.78 in construction funding to Wenchuan Zheli Hydropower Development Co., Ltd. as of June 30, 2014[61]. Legal Matters - The company is involved in a legal dispute regarding a 400,000.00 CNY engineering guarantee and a 100,000.00 CNY project guarantee with Huayuan Mining Company[41]. - The company is seeking compensation of RMB 52.4025 million for the defect handling costs of the Yangjiaba Hydropower Station due to quality issues[43]. - The company has initiated legal proceedings against Tianwei Sichuan Silicon Industry to recover the RMB 38,248,692.25 paid, along with overdue interest calculated from August 2, 2013[54][55]. Shareholder Information - The total number of shares after the recent changes is 504,125,155, with 21.18% being limited shares and 78.82% being unrestricted shares[85]. - The largest shareholder, State Grid Sichuan Electric Power Company, holds 23.92% of the shares, totaling 120,591,961 shares, with an increase of 13,829 shares during the reporting period[90]. - The total number of shareholders at the end of the reporting period is 54,231[89]. Corporate Governance - The company has optimized its governance structure and improved its information disclosure quality in compliance with relevant laws and regulations[73]. - The report indicates that there were no changes in the controlling shareholder or actual controller during the reporting period[93]. - The company has maintained a consistent approach to corporate governance, ensuring compliance with the Company Law and Securities Law[73]. Risk Management - The company has established criteria for recognizing impairment losses on receivables, including significant financial difficulties of the debtor and breaches of contract terms[168]. - The company conducts impairment tests on non-current non-financial assets, including fixed assets and intangible assets with finite useful lives, at the balance sheet date[186]. Revenue Recognition - The company recognizes revenue from electricity sales when the power is supplied and the user confirms the meter reading, with the cost of supplied electricity reliably measurable[189].