CPEC(SH:600339)2016-08-30 16:00Financial Performance - The company's operating revenue for the first half of 2016 was CNY 1,108,260,187.51, representing a 30.23% increase compared to CNY 851,032,433.74 in the same period last year[18]. - The net profit attributable to shareholders was a loss of CNY 395,355,121.91, worsening from a loss of CNY 210,215,329.06 in the previous year[18]. - The net cash flow from operating activities decreased by 31.33%, amounting to CNY 177,373,742.14 compared to CNY 258,282,200.29 in the previous year[18]. - The total assets decreased by 14.47%, totaling CNY 2,775,821,705.80, down from CNY 3,245,392,483.61 at the end of the previous year[18]. - The net profit attributable to the parent company was -¥3.95 billion after a significant fixed asset impairment provision of ¥365 million, impacting overall profitability[23]. - The company recorded an asset impairment loss of ¥381,651,710.26, a substantial increase of 435.71% from ¥71,242,246.82 in the previous year[29]. - The net loss for the current period was ¥448,441,603.44, compared to a net loss of ¥235,880,092.00 in the previous period, indicating a deterioration in profitability[81]. - The total profit (loss) for the current period was -¥449,621,837.70, compared to -¥235,782,879.60 in the previous period, reflecting increased financial strain[80]. Revenue and Sales - The company sold 25,900 tons of styrene-butadiene rubber products, generating sales revenue of CNY 200 million[21]. - The sales volume of acetone products reached 93,800 tons, with sales revenue of CNY 300 million[21]. - Revenue from the domestic market surged by 147.37% to ¥656,202,423.78, while revenue from outside the region decreased by 23.85% to ¥406,269,382.99[35]. - The company achieved a sales revenue of CNY 89.72 million from 21,700 tons of adipic acid products[21]. Cost Management - The company continues to focus on cost reduction and capital mobilization in response to the challenging market conditions[21]. - Selling expenses decreased by 30.97% to ¥46,700,690.29, attributed to reduced logistics costs due to changes in sales models[25]. - Total operating costs increased to ¥1,559,715,604.65 from ¥1,101,995,998.49, marking a rise of about 41.5%[80]. - The company incurred sales expenses of ¥46,700,690.29, a decrease from ¥67,649,712.38 in the previous period, indicating cost-cutting measures[80]. Assets and Liabilities - The company's fixed assets decreased from ¥2,416,303,865.22 to ¥1,981,304,731.81 during the reporting period[71]. - The total current assets decreased from ¥574,406,935.37 to ¥526,330,486.69[71]. - Current liabilities increased slightly from CNY 2,809,765,677.32 to CNY 2,817,964,385.06, an increase of about 0.4%[73]. - Non-current liabilities decreased from CNY 364,357,193.04 to CNY 335,103,061.98, a reduction of approximately 8.0%[73]. - The total equity attributable to shareholders decreased from CNY 56,572,132.09 to CNY -338,856,740.87, indicating a significant loss in equity[74]. Cash Flow - Cash inflows from operating activities totaled ¥1,019,857,748.22, an increase from ¥946,295,176.36 in the previous period[86]. - Cash outflow from operating activities totaled CNY 825,690,213.95, an increase of 52.0% compared to CNY 543,503,302.81 in the previous year[89]. - The ending cash and cash equivalents balance was CNY 157,705,489.61, compared to CNY 57,130,270.27 at the end of the same period last year[89]. - The company reported a significant decrease in comprehensive income, with a total of CNY -448,441,603.44 for the period[91]. Investments and Subsidiaries - The company holds a total investment of CNY 30 million in financial enterprises, with a year-end book value of CNY 27,066,467.19, resulting in a report period profit of CNY 350,506.95[37]. - The company reported a net loss of CNY 4,579.01 from its subsidiary Xinjiang Tianhong Industrial Co., holding a 71.36% stake[40]. - The company has a 55% stake in Xinjiang Lande Fine Petrochemical Co., which reported a net loss of CNY 8,911.34[40]. - The company’s investment in Kunlun Bank has a year-end book value of CNY 10,138,208.87, with a report period profit of CNY 1,058,940.61[37]. Shareholder Information - The total number of shareholders as of the end of the reporting period is 59,365[64]. - The largest shareholder, Xinjiang Dushanzi Tianli Industrial Co., Ltd., holds 122,721,288 shares, accounting for 21.23% of the total shares[65]. - The second largest shareholder, Xinjiang Dushanzi Petrochemical General Factory, holds 94,471,638 shares, representing 16.34% of the total shares[65]. Accounting Policies and Compliance - The company has maintained compliance with accounting standards, ensuring accurate financial reporting[109]. - The company has a continuous operation basis for its financial statements[108]. - The company has not made any changes to significant accounting policies or estimates during the reporting period, ensuring consistency in financial reporting[161]. Inventory and Receivables - The total inventory at the end of the period is CNY 230,040,963.26, down from CNY 256,401,484.55 at the beginning of the period, reflecting a decrease of approximately 10.3%[182]. - The accounts receivable at the end of the period totaled ¥10,883,667.17, with a provision for bad debts of ¥2,927,968.58, indicating a provision ratio of 26.90%[168]. - The accounts receivable balance decreased by 59.04% compared to the beginning of the period, primarily due to the recovery of payments from China National Petroleum Corporation[170]. Impairment and Provisions - The company recognized an impairment provision for fixed assets amounting to CNY 365,305,571.51 during the reporting period[195]. - The company’s retained earnings show a negative balance of CNY 1,400,979,817.73, highlighting financial challenges[98]. - The company reported a bad debt provision of CNY 152,588.82 during the period, with no recoveries or reversals[176].