扬农化工(600486) - 2016 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2016 was CNY 1.595 billion, a decrease of 11.49% compared to the same period last year[21]. - The net profit attributable to shareholders for the same period was CNY 212.55 million, down 15.20% year-on-year[21]. - The basic earnings per share decreased by 15.20% to CNY 0.686 compared to CNY 0.809 in the previous year[21]. - The net cash flow from operating activities was CNY 44.57 million, a significant decline of 75.70% from CNY 183.45 million in the previous year[21]. - The company's operating revenue for the reporting period was CNY 1,595,244,809.90, a decrease of 11.49% compared to CNY 1,802,254,171.95 in the same period last year[28]. - The net profit after deducting non-recurring gains and losses was CNY 177.35 million, a decrease of 22.76% compared to the previous year[21]. - The company's investment income rose by 61.54% to CNY 39,073,654.80, driven by an increase in financial management amounts compared to the previous year[28][38]. - The company reported a total comprehensive income of CNY 218,267,551.73 for the first half of 2016, compared to the previous year's figures[103]. Revenue and Sales - The sales revenue of the company's sanitary pesticides decreased by 10.34%, but the market share remained stable[23]. - The sales revenue of pesticide formulations increased by 24% year-on-year, despite a 25.16% decline in domestic pesticide sales overall[23]. - The domestic operating revenue decreased by 22.40% to CNY 571,701,374.18, while the overseas revenue decreased by 4.26% to CNY 997,601,960.80, indicating challenges in both markets[43]. Assets and Liabilities - The company's total assets increased by 1.46% to CNY 4.725 billion compared to the end of the previous year[21]. - The total current assets as of June 30, 2016, amounted to CNY 3,538,192,104.05, an increase from CNY 2,479,690,780.20 at the beginning of the period, reflecting a growth of approximately 42.7%[83]. - The company reported a total non-current asset value of CNY 919,804,229.95, slightly down from CNY 955,458,091.10[83]. - The total liabilities decreased from CNY 1,422,661,523.53 to CNY 1,403,001,814.19, a reduction of approximately 1.39%[84]. - The total owner's equity at the end of the reporting period is CNY 3,066,716,621.27, an increase from the previous period's CNY 2,795,139,468.38, reflecting a growth of approximately 9.7%[105]. Cash Flow - The net cash flow from operating activities dropped significantly by 75.70% to CNY 44,573,904.00 from CNY 183,454,023.10, primarily due to extended collection periods for accounts receivable[28][30]. - Cash and cash equivalents decreased to CNY 855,750,105.90 from CNY 1,122,820,805.06, indicating a decline of approximately 23.8%[83]. - The company reported a cash dividend distribution of 4.50 RMB per 10 shares, totaling 139,454,508.15 RMB, based on a total share capital of 309,898,907 shares as of December 31, 2015[54]. Research and Development - Research and development expenses increased by 50.29% to CNY 80,065,289.99, indicating a focus on innovation and product development[28][33]. - The company applied for 4 domestic patents and obtained 5 patents during the reporting period, highlighting its commitment to intellectual property management[26]. Shareholder Information - The total number of shareholders at the end of the reporting period was 15,718[72]. - Jiangsu Yangnong Chemical Group Co., Ltd. held 112,084,812 shares, accounting for 36.17% of total shares[74]. - The second largest shareholder, Yangzhou Fuyuan Chemical Technology Co., Ltd., held 18,082,823 shares, representing 5.84%[74]. Corporate Governance - The company confirmed compliance with corporate governance requirements as per the Company Law and relevant regulations[68]. - The company held four board meetings and three supervisory meetings during the reporting period, with full attendance[68]. - There were no changes in the total number of shares or the capital structure during the reporting period[72]. Financial Management - The company invested a total of 107,112,000 RMB in entrusted financial management products, with expected returns of approximately 8,661,500 RMB and actual returns of 1,036,010 RMB[50]. - The company has ongoing non-public fundraising projects with a total investment of 235,980,000 RMB, of which 4,537,070 RMB has been invested in the reporting period[53]. Impairment and Provisions - The company recorded a significant increase in asset impairment losses, rising to ¥38,963,596.54 from ¥24,019,436.50, an increase of approximately 62.2% year-over-year[91]. - Significant receivables over 2 million yuan are subject to individual impairment testing, with provisions based on the present value of future cash flows[164]. Inventory Management - Inventory levels were reported at CNY 305,721,893.10, down from CNY 321,399,804.23, showing a decrease of about 4.9%[83]. - The company determines the net realizable value of inventory based on estimated selling prices minus estimated costs and expenses, with provisions for inventory write-downs based on the lower of cost or net realizable value[170][171].