XCEP(SH:600505)2016-08-23 16:00Financial Performance - The company's operating revenue for the first half of 2016 was ¥392,983,265.21, representing a 7.70% increase compared to ¥364,874,680.93 in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2016 was ¥2,470,744.07, a significant increase of 978.46% from ¥229,099.36 in the previous year[19]. - Basic earnings per share for the first half of 2016 were ¥0.0068, an increase of 1,033.33% from ¥0.0006 in the same period last year[20]. - Operating profit increased significantly by 134.19%, reaching CNY 0.85 million[26]. - Total revenue for the company was CNY 389,560,031.30, reflecting a year-on-year increase of 7.68%[44]. - The company reported a total of 4,900,000 RMB in shareholder contributions during the period, reflecting strong investor confidence[109]. Cash Flow and Liquidity - The net cash flow from operating activities was ¥65,678,392.10, showing a slight decrease of 1.06% compared to ¥66,384,881.86 in the same period last year[19]. - Cash flow from operating activities was ¥428,965,337.05, an increase from ¥360,948,206.22 in the previous period[99]. - The company reported a cash balance of approximately RMB 159.2 million at the end of the period, an increase from RMB 137.15 million at the beginning of the period[189]. - The company received CNY 40,000,000.00 from borrowings during the financing activities, indicating a strategy to enhance liquidity[104]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,330,624,246.09, which is a 2.61% increase from ¥2,271,358,554.75 at the end of the previous year[19]. - The total liabilities decreased by 53.84% in accounts payable, amounting to CNY 205.14 million[38]. - The company’s long-term borrowings increased by 128.98%, totaling CNY 474.36 million[38]. - Current liabilities decreased to CNY 608,744,025.94 from CNY 810,001,171.41, a reduction of about 25%[90]. Revenue Sources - Revenue from the hydropower industry was CNY 377,935,845.36, with a gross margin of 16.63%, representing an increase of 8.33% year-on-year[41]. - Revenue from the power engineering segment was CNY 11,624,185.94, with a gross margin of 30.64%, showing a decrease of 9.85% year-on-year[41]. - The company achieved a power generation of 253.70 million kWh, an increase of 15.01% year-on-year[26]. - The total electricity sales reached 709.18 million kWh, representing a year-on-year growth of 14.24%[26]. Shareholder Information - The top shareholder, State Grid Sichuan Electric Power Company, holds 73,449,220 shares, representing 20.15% of total shares[75]. - Sichuan Water Investment Group Limited holds 66,770,883 shares, accounting for 18.32% of total shares[75]. - Liangshan State-owned Investment Development Co., Ltd. has 61,578,420 shares, which is 16.89% of total shares, with 30,789,200 shares pledged[75]. Investment and Projects - The company has a registered capital of RMB 500 million for the development of the Muli County hydroelectric project, with an estimated investment of approximately RMB 2.16 billion[57]. - The company is involved in various power engineering projects, including a 220KV transmission line project with an estimated investment of RMB 243 million[57]. - The company holds a 60.83% stake in Sichuan Boto County Niujiaowan Power Co., Ltd., which generated revenue of CNY 13,892,000 and a net profit of CNY 2,123,900 in the first half of 2016[51]. Accounting Policies and Financial Reporting - The financial statements are prepared based on the enterprise accounting standards and reflect the company's financial position, operating results, changes in equity, and cash flows accurately[124]. - The company recognizes foreign currency transactions at the spot exchange rate on the transaction date, with monetary items converted at the exchange rate on the balance sheet date, resulting in exchange differences directly included in current profit or loss[133]. - The company adopts an aging analysis method for bad debt provision, with a provision rate of 5% for accounts receivable within 1 year, increasing to 100% for amounts over 5 years[144]. Bad Debt Provisions - The total accounts receivable at the end of the period amounted to ¥30,841,368.86, with a bad debt provision of ¥2,902,944.28, representing a provision ratio of 9.41%[199]. - The provision for bad debts for accounts over 5 years old was 100%, totaling ¥1,384,822.29[199]. - The company has identified several accounts with collection difficulties, leading to a 100% provision for bad debts in cases such as Yong'an Coal Coking Co., Ltd.[199].