HUAXIN CEMENT(SH:600801)2014-08-22 16:00Financial Performance - The company achieved a revenue of RMB 7,267,351,417, representing a 9.69% increase compared to the same period last year[18]. - The net profit attributable to shareholders was RMB 503,110,461, an increase of 41.74% year-on-year[18]. - The sales volume of cement and clinker reached 22.9956 million tons, up 3.79% from the previous year[22]. - The company's operating revenue for the current period is ¥7,267,351,417, representing a year-on-year increase of 9.69% compared to ¥6,625,268,600[24]. - The total profit for the first half of 2014 was RMB 807,951,108, a 53.6% increase compared to RMB 525,627,678 in the first half of 2013[70]. - The net profit for the first half of 2014 was RMB 503.11 million, an increase from RMB 454.69 million in the same period of 2013, representing an increase of approximately 10.6%[79]. - The total comprehensive income of RMB 618,480,316, which is an increase from RMB 405,317,335 in the same period last year[70]. - The basic and diluted earnings per share increased to RMB 0.34, up from RMB 0.24 in the same period last year, reflecting a 41.7% increase[70]. Cash Flow - The net cash flow from operating activities was RMB 1,520,111,452, a significant increase of 78.44% year-on-year[18]. - Cash flow from operating activities generated a net amount of RMB 1,520,111,452, compared to RMB 851,903,696 in the first half of 2013, indicating a significant improvement[74]. - The net cash flow from operating activities for the first half of 2014 was RMB 316,713,390, a significant increase from RMB 34,280,769 in the first half of 2013[76]. - Cash inflow from financing activities decreased to RMB 566,695,192 in the first half of 2014 from RMB 808,000,000 in the same period of 2013[76]. - The net cash flow from financing activities was negative at RMB 491,338,357 in the first half of 2014, compared to a negative RMB 829,170,649 in the first half of 2013[76]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 25,573,537,736, a slight decrease of 0.97% from the previous year[18]. - The company's total current assets as of June 30, 2014, amounted to RMB 6,065,181,675, a decrease from RMB 6,384,486,195 as of December 31, 2013[62]. - The total liabilities of Huaxin Cement amounted to RMB 15,308,170,568, a decrease from RMB 15,905,595,324 as of December 31, 2013, representing a reduction of approximately 3.73%[64]. - The company's current liabilities totaled RMB 8,032,857,993, down from RMB 9,056,354,971, reflecting a decrease of approximately 11.29%[64]. - The total non-current liabilities amounted to RMB 7,275,312,575, an increase from RMB 6,849,240,353, indicating a growth of about 6.23%[64]. Investments and Acquisitions - The company completed a 40% equity acquisition in CEMENT CHAKREY TING FACTORY CO. LTD, becoming the largest shareholder[22]. - The company holds a 49.04% increase in long-term equity investments, amounting to ¥459,031,022, compared to ¥307,999,254 in the previous year[34]. - The company reported a decrease in net cash flow from investing activities, improving to -¥884,970,420 from -¥1,185,667,276, indicating reduced capital outflow for equity investments[24][25]. - The investment income for the first half of 2014 was RMB 320,949,312, down from RMB 516,489,771 in the first half of 2013, indicating a decrease of 38%[72]. Shareholder Information - The total share capital as of the end of 2013 was 935,299,928 shares, which served as the basis for the profit distribution and capital reserve increase[39]. - The total number of shareholders at the end of the reporting period was 53,725[56]. - The top shareholder, HOLCHIN B.V., holds 39.88% of shares, totaling 596,817,018 shares, with an increase of 223,806,382 shares during the reporting period[56]. - The company distributed dividends totaling RMB 259.24 million to shareholders during the first half of 2014[79]. Legal and Compliance - The company reported a significant legal dispute involving a contract dispute with Hubei Guoxin Real Estate Co., Ltd., which has been disclosed in previous announcements[41]. - The company has ongoing litigation with Sichuan Wutong Road and Bridge Engineering Bureau, with a court ruling in May 2014 requiring the company to bear a compensation liability of 12.34 million RMB[41]. - There were no penalties or corrective actions against the company or its major stakeholders during the reporting period[50]. Research and Development - Research and development expenditure rose by 60.72% to ¥30,499,169, compared to ¥18,976,084 in the previous year, reflecting increased investment in environmental business[24][26]. Accounting Policies and Estimates - The financial statements for the first half of 2014 were approved by the board of directors on August 21, 2014, ensuring compliance with accounting standards[86]. - The accounting policies and estimates are in accordance with the accounting standards issued by the Ministry of Finance, ensuring accurate financial reporting[87]. - The company recognizes impairment losses for inventories when their cost exceeds the net realizable value, which is determined by estimated selling prices minus expected costs to complete and sell[111]. Inventory and Receivables - The company reported an increase in inventory to RMB 1,208,809,568 from RMB 954,004,403 year-over-year[62]. - The aging analysis of accounts receivable showed that CNY 715,264,193 was due within one year as of June 30, 2014, compared to CNY 841,873,787 as of December 31, 2013[174]. - The provision for bad debts was CNY 22,499,761 as of June 30, 2014, compared to CNY 20,884,647 as of December 31, 2013[174]. Fixed Assets - The company’s fixed assets totaled RMB 14,786,900,618, an increase from RMB 14,527,087,240 in the previous year[62]. - The total accumulated depreciation as of June 30, 2014, reached CNY 6.99 billion, up from CNY 6.36 billion at the end of 2013, marking an increase of approximately 9.9%[200]. - The original cost of machinery and equipment as of June 30, 2014, was CNY 11.85 billion, reflecting an increase from CNY 11.35 billion at the end of 2013, which is a growth of about 4.4%[200].