CAHIC(SH:600195)2015-08-28 16:00Financial Performance - The company's operating revenue for the first half of 2015 was CNY 2,088,235,131.47, representing a 32.12% increase compared to CNY 1,580,540,801.58 in the same period last year[18]. - The net profit attributable to shareholders of the listed company decreased by 4.82% to CNY 145,144,017.02 from CNY 152,490,652.94 in the previous year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 143,387,522.85, down 3.43% from CNY 148,484,598.42 year-on-year[18]. - The net cash flow from operating activities was negative at CNY -121,506,934.45, compared to CNY -103,065,463.93 in the same period last year[18]. - The total assets at the end of the reporting period were CNY 4,293,284,151.89, a slight increase of 0.32% from CNY 4,279,491,074.79 at the end of the previous year[19]. - The net assets attributable to shareholders increased by 2.04% to CNY 2,908,910,963.53 from CNY 2,850,727,483.65 at the end of the previous year[19]. - Basic earnings per share for the first half of 2015 were CNY 0.3377, down 4.82% from CNY 0.3548 in the same period last year[20]. - The weighted average return on net assets decreased by 0.77 percentage points to 4.94% from 5.71% in the previous year[20]. Revenue and Costs - The operating cost increased by 39.52% to approximately ¥1.61 billion, up from ¥1.15 billion, primarily due to a higher proportion of low-margin trade products in sales[27][28]. - The company achieved a net profit from non-recurring gains of approximately ¥1.76 million, primarily from government subsidies and other non-operating income[22]. - The company reported a significant increase in sales expenses by 18.65% to approximately ¥170.50 million, aligned with the growth in sales revenue[27][28]. - The company's revenue from the agriculture sector reached approximately ¥2.08 billion, with a gross margin of 22.87%, reflecting a decrease of 4.08 percentage points compared to the previous year[34]. - The revenue from biological products was approximately ¥501 million, with a gross margin of 56.01%, showing a decrease of 0.42 percentage points year-on-year[34]. - The revenue from chemical drugs increased by 31.82% year-on-year, reaching approximately ¥244 million, with a gross margin of 26.17%, an increase of 5.09 percentage points[34]. - Domestic revenue was approximately ¥1.99 billion, representing a year-on-year increase of 29.59%, while international revenue reached approximately ¥90.68 million, with a significant increase of 129.88%[37]. Investments and Acquisitions - The company completed the acquisition of 60% equity in Zhongmu Zhihe for a maximum price of ¥6.66 million, enhancing its investment portfolio[39]. - The company reported a cash dividend of approximately ¥22.18 million from its investment in Jindawei, increasing its shareholding from 73.93 million to 147.86 million shares[42]. - The company utilized ¥200.1 million for short-term investments in government bond reverse repurchase agreements, generating a profit of approximately ¥2.54 million[44]. - The company aims to maintain a maximum investment scale of ¥300 million for low-risk financial products and government bond repurchase agreements in 2015[44]. - The company has completed the GMP re-inspection and transformation project at the Qianyuanhao Zhengzhou plant[55]. - The company provided financial assistance of 500 million CNY to its subsidiary Qianyuanhao and 1.1269 billion CNY to its subsidiary Shengli Biological Engineering during the reporting period[76]. Shareholder Information - The total number of shareholders as of the end of the reporting period is 22,690[91]. - The largest shareholder, China Animal Husbandry Industry Group, holds 52.35% of the shares, totaling 225,020,500 shares[93]. - Long江 Securities Co., Ltd. increased its holdings by 11,517,684 shares, representing 2.68% of the total shares[93]. - The company distributed a cash dividend of 0.205 CNY per share, totaling 88.11 million CNY, which represents 30.34% of the net profit attributable to shareholders for the year[56]. - The company plans no profit distribution or capital reserve transfer for the half-year period[57]. Financial Position - Total current assets decreased from ¥2,059,122,404.95 to ¥1,915,488,665.79, a decline of approximately 6.97%[99]. - Accounts receivable increased significantly from ¥242,371,632.37 to ¥675,724,490.33, representing an increase of about 179.56%[99]. - Inventory decreased from ¥774,692,281.58 to ¥603,735,258.77, a reduction of approximately 22.01%[99]. - Total non-current assets increased from ¥2,220,368,669.84 to ¥2,377,795,486.10, an increase of about 7.09%[100]. - Total liabilities decreased from ¥1,111,017,776.51 to ¥1,065,514,676.14, a decline of approximately 4.09%[101]. - Total equity increased from ¥3,168,473,298.28 to ¥3,227,769,475.75, an increase of about 1.86%[101]. Compliance and Governance - The company has not reported any significant litigation or bankruptcy restructuring matters[61]. - The company has not engaged in any asset sales or mergers during the reporting period[69]. - The company has not engaged in any financial product purchases with idle raised funds during the reporting period[47]. - The company has not experienced any changes in its total share capital or share structure during the reporting period[87]. - There were no significant changes in the company's governance structure, and it complied with relevant regulations[85]. - The company has not reported any insider trading incidents among its directors, supervisors, or senior management during the reporting period[85]. Research and Development - Research and development expenses surged by 488.94% to approximately ¥182.41 million, compared to ¥30.97 million in the previous year, reflecting increased investment in new product development[27][28]. - The company is actively pursuing project management and capacity expansion, with ongoing construction of new facilities expected to improve product quality and production capacity[32]. - The company has engaged in the research and development of new feed varieties and technologies, which is part of its general business operations[126]. Accounting and Financial Reporting - The financial statements are prepared based on the going concern assumption, indicating no foreseeable risk of liquidation or dissolution[130]. - The company adheres to the accounting standards, ensuring that the financial statements reflect a true and complete picture of its financial status and operating results[129]. - The company recognizes revenue from sales of goods when the risks and rewards of ownership have been transferred to the buyer, and the revenue amount can be reliably measured[190]. - The company confirms deferred tax assets only if it is probable that sufficient taxable income will be available to utilize the deductible temporary differences[196].