NCFC(SH:600889)2014-08-27 16:00Financial Performance - The company reported a revenue of RMB 732.34 million for the first half of 2014, representing a 27.64% increase compared to RMB 573.76 million in the same period last year[15]. - The net profit attributable to shareholders was RMB 1.39 million, a significant decrease of 89.51% from RMB 13.27 million year-on-year[15]. - The basic earnings per share dropped to RMB 0.005, down 88.37% from RMB 0.043 in the previous year[14]. - The company achieved an export revenue of approximately USD 18.75 million, marking a 25.84% increase compared to the previous year[16]. - Domestic revenue increased by 32.66% to $507.85 million, while international revenue grew by 28.05% to $113.93 million[25]. - The company's operating revenue for the current period is $732.34 million, representing a 27.64% increase compared to $573.76 million in the same period last year[19]. - Operating costs increased by 32.22% to $627.89 million from $474.90 million, primarily due to increased revenue recognition in the real estate sector[19]. - The net profit for the first half of 2014 was CNY 4,633,581.14, a significant decrease of 65.3% from CNY 13,331,055.52 in the previous year[60]. - The net profit for the first half of 2014 was approximately CNY 137.44 million, with a decrease of CNY 9.21 million in profit distribution to shareholders[82]. Cash Flow and Assets - The company reported a net cash flow from operating activities of RMB 89.28 million, a decline of 46.73% from RMB 167.59 million in the previous year[15]. - The total assets decreased by 6.51% to RMB 3.28 billion from RMB 3.51 billion at the end of the previous year[15]. - The total current assets decreased from CNY 1,806,194,855.37 at the beginning of the year to CNY 1,618,407,613.35 by the end of the period, representing a decline of approximately 10.4%[52]. - Cash and cash equivalents dropped significantly from CNY 301,741,985.02 to CNY 152,160,728.49, a decrease of about 49.6%[52]. - The total liabilities decreased from CNY 2,403,713,407.60 to CNY 2,231,502,400.07, a reduction of approximately 7.1%[54]. - The company's total assets decreased from CNY 3,510,048,852.68 to CNY 3,281,571,983.24, representing a decline of about 6.5%[54]. - The total owner's equity at the end of the reporting period was CNY 1,106,335,445.08, unchanged from the previous year[73]. Investments and Dividends - The company plans to sell a 70% stake in its subsidiary, Nanjing Jinling Real Estate Development Co., Ltd., in response to changes in the real estate market[17]. - The company plans to distribute a cash dividend of 0.30 RMB per share based on the total share capital of 307,069,284 shares, following the approval at the 2013 annual general meeting[30]. - The company has invested 128,750,000 RMB in the first phase of the viscose filament continuous spinning project, which is 99% complete[29]. - The company has no preferred stock matters during the reporting period[48]. - The company did not distribute any dividends during this reporting period, maintaining a focus on reinvestment[75]. Governance and Management - The company has established an effective performance evaluation and incentive mechanism for senior management, linking compensation to business goals and individual performance[38]. - The company’s governance structure has been improved, ensuring independent operation of the board and management, with no penalties from regulatory authorities during the reporting period[37]. - The company is actively promoting its major asset restructuring work, with audits and evaluations ongoing[20]. Market and Operational Focus - The company is focusing on product structure optimization and quality improvement in the viscose filament sector, aiming for differentiated fine denier yarns[16]. - The company operates in the chemical fiber manufacturing industry, with a focus on expanding its market presence and product offerings[89]. - The company continues to focus on maintaining its financial stability and preparing for future growth opportunities[75]. Taxation and Liabilities - The company is subject to various tax rates, including a corporate income tax rate of 12.5% and 25%[163]. - The overall tax burden shows a mixed trend with some taxes decreasing significantly while others have shifted to negative values[198]. - The company is focusing on improving its financial health by addressing unpaid dividends and tax liabilities[199]. Financial Reporting and Compliance - The company’s financial statements comply with accounting standards, reflecting its financial position and operating results accurately[95]. - The company does not have any changes in accounting policies or estimates for the reporting period[161]. - The company has no prior accounting errors to correct for the reporting period[162].