FLDT(SH:600228)2017-08-18 16:00Financial Performance - The company's operating revenue for the first half of 2017 was RMB 243,993,911, representing a 28.49% increase compared to RMB 189,886,572.93 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was a loss of RMB 14,167,056.31, slightly improved from a loss of RMB 15,717,991.06 in the previous year[18]. - The net cash flow from operating activities was a negative RMB 11,973,389.11, worsening from a negative RMB 3,917,208.48 in the same period last year[18]. - The total assets at the end of the reporting period were RMB 437,035,592.21, a decrease of 4.50% from RMB 457,648,199.26 at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company decreased by 53.13% to RMB 11,714,568.41 from RMB 24,994,819.03 at the end of the previous year[18]. - The basic earnings per share for the first half of 2017 was -0.06 yuan, compared to -0.07 yuan in the same period last year[19]. - The weighted average return on net assets was -77.18%, significantly lower than -31.01% in the previous year[19]. - The company reported a decrease in the weighted average return on net assets after deducting non-recurring gains and losses to -45.80% from -20.87% in the previous year[19]. - The company achieved operating revenue of 243.99 million yuan, an increase of 28.49% compared to the same period last year[27]. - The net profit attributable to the parent company was -14.17 million yuan, a decrease in loss of 1.55 million yuan year-on-year[27]. - The company reported a net profit of -14,167,100, with earnings per share at -0.06[37]. - The company reported a total profit (loss) for the current period was -¥16,922,304.66, an improvement from -¥19,719,900.52 in the previous period[77]. Cash Flow and Liquidity - The net cash flow from operating activities was -11,973,389.11 RMB, compared to -3,917,208.48 RMB in the previous period, indicating a decline in operational cash generation[84]. - The ending cash and cash equivalents balance decreased to 5,734,082.43 RMB from 34,074,816.94 RMB in the previous period, highlighting liquidity challenges[84]. - Cash inflows from operating activities totaled ¥238,967,085.25, an increase from ¥209,041,132.79 in the prior period[83]. - Total cash outflow from operating activities amounted to 250,940,474.36 RMB, up from 212,958,341.27 RMB in the prior period, reflecting increased operational expenses[84]. - The total cash outflow for employee payments was 15,408,882.45 RMB, slightly up from 15,073,489.20 RMB, indicating stable labor costs[84]. - The total cash paid for taxes was 3,472,908.84 RMB, down from 9,744,955.46 RMB, reflecting a decrease in tax liabilities[84]. Production and Sales - The production volume of acrylamide was 22,732.08 tons, a decrease of 6.42% compared to the previous year[28]. - The sales volume of acrylamide was 21,595.60 tons, a decrease of 5.11% year-on-year[28]. - The average selling price of products increased by 29.95% compared to the previous year due to market factors[30]. - The average procurement price of raw materials increased by 62.87% compared to the previous year, impacting operating costs[30]. - The company continues to face challenges due to the overall market supply exceeding demand for acrylamide products[29]. Assets and Liabilities - Cash and cash equivalents decreased by 80.59% to 5,734,082.43, accounting for 1.31% of total assets[33]. - Accounts receivable increased by 46.23% to 31,591,803.76, representing 7.23% of total assets[33]. - Other receivables rose by 180.99% to 2,639,575.54, making up 0.60% of total assets[33]. - Inventory increased by 36.94% to 38,485,815.16, which is 8.81% of total assets[33]. - Construction in progress surged by 242.56% to 1,303,058.92, representing 0.30% of total assets[33]. - Tax payable increased by 45.64% to 3,881,607.62, accounting for 0.89% of total assets[33]. - The company's debt-to-asset ratio stands at 79.76%, indicating high financial leverage[37]. - Total assets decreased from 457,648,199.26 to 437,035,592.21, a decline of approximately 4.5%[68]. - Current assets decreased from 145,085,281.81 to 137,824,529.87, a reduction of about 5.2%[68]. - Total liabilities decreased from 353,913,401.48 to 348,599,111.12, a decrease of approximately 1.4%[69]. - Owner's equity decreased from 103,734,797.78 to 88,436,481.09, a decline of about 14.7%[70]. - The company reported a negative retained earnings of -597,036,790.88, worsening from -582,869,734.57[70]. Corporate Developments - The company has not disclosed any new product developments or market expansion strategies in this report[6]. - There are no significant risks or non-operating fund occupation issues reported by the controlling shareholder[6]. - The company completed the safety production administrative license extension for its Nanchang base, valid from June 12, 2017, to December 31, 2018[45]. - The capacity expansion at the Jiangsu Rudong base is progressing, with the acrylamide crystal production capacity expected to increase from 17,000 tons/year to 27,000 tons/year by the end of September 2017, and overall production capacity (including water agent and crystal) targeted to reach 45,000 to 50,000 tons/year by the end of 2017[45]. - The company has established performance assessment goals for 2017, focusing on profit, sales volume, gross margin, accounts receivable, and corporate development[103]. Shareholder Information - The company reported a total of 22,441 common shareholders as of the end of the reporting period[58]. - The largest shareholder, Jiangxi Changjiu Chemical Group Co., Ltd., holds 43,980,000 shares, accounting for 18.22% of total shares[60]. - The company has a total share capital of 28,800,000 shares after capital reserve conversion and stock distribution in 2001[97]. Acquisitions and Investments - The acquisition of 100% equity in Changjiu Group by Jiangxi Hangmei is valued at 143,229.22, pending government approval[39]. - Jiangxi Hangmei obtained the qualification to acquire 100% equity of Changjiu Group for a price of RMB 1,432.29 million, with the transfer approved by the Jiangxi Provincial Government on May 16, 2017[47]. - Jiangxi Hangmei acquired 100% equity of Changjiu Group for RMB 1,432.29 million on April 7, 2017[104]. Accounting Policies - The financial statements comply with the requirements of the enterprise accounting standards, reflecting the company's financial status accurately[105]. - The accounting period for the company is from January 1 to December 31 each year[106]. - The company's accounting currency is Renminbi[108]. - The company applies the equity method for accounting investments in subsidiaries under common control[109]. - The consolidated financial statements include all subsidiaries controlled by the company[115]. - The company recognizes goodwill when the acquisition cost exceeds the fair value of identifiable net assets acquired[113]. Impairment and Valuation - The company assesses impairment for available-for-sale financial assets if their fair value is below cost by more than 50% or persists below cost for over one year[138]. - The company recognizes impairment losses on long-term equity investments when the carrying amount exceeds the share of the investee's identifiable net assets[155]. - The company assesses the impairment of long-term assets at the balance sheet date, estimating recoverable amounts based on the higher of fair value less costs to sell and the present value of expected future cash flows[188]. Employee Compensation - The company recognizes compensation for employee services as liabilities and expenses in the period the services are provided[192].