道森股份(603800) - 2016 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2016 was ¥186,840,885.32, a decrease of 47.53% compared to ¥356,104,923.81 in the same period last year[20]. - The net profit attributable to shareholders for the first half of 2016 was -¥30,839,588.40, representing a decline of 258.51% from a profit of ¥19,456,343.88 in the previous year[20]. - The basic earnings per share for the first half of 2016 was -¥0.15, down 225.00% from ¥0.12 in the same period last year[20]. - The weighted average return on net assets decreased to -3.18% from 3.99% in the previous year, a reduction of 7.17 percentage points[20]. - The net cash flow from operating activities was -¥15,535,868.52, a decline of 215.33% compared to ¥13,470,968.34 in the same period last year[20]. - The total assets at the end of the reporting period were ¥1,188,444,306.98, down 5.59% from ¥1,258,759,149.39 at the end of the previous year[20]. - The net assets attributable to shareholders decreased by 5.36% to ¥938,160,351.11 from ¥991,277,543.23 at the end of the previous year[20]. - The company reported a significant loss in the second quarter, although the loss was smaller than in the first quarter[26]. - The total comprehensive income was -29,233,289.74 RMB, compared to 15,999,401.10 RMB in the previous period, reflecting a substantial drop[86]. - The company reported a total comprehensive loss of ¥30.84 million during the period, impacting overall equity[98]. Revenue and Costs - The company's operating costs decreased by 39.25% to CNY 167.65 million, reflecting a significant drop in order volume and product prices[28]. - Revenue from the U.S. market was CNY 85.15 million, down 40.61% year-on-year, while domestic revenue fell by 58.91% to CNY 42.48 million[35]. - Total operating costs amounted to CNY 219,074,794.33, down from CNY 338,775,201.78, reflecting a reduction of 35.4%[85]. - The company incurred a total operating cost of 146,438,000.28 RMB, which is a decrease of 43.8% from 261,038,535.26 RMB in the previous period[88]. Investments and Subsidiaries - The company plans to invest approximately USD 5 million to establish a wholly-owned subsidiary in Singapore to expand its business in Southeast Asia and the Middle East[36]. - The company has committed to investing CNY 40,139 million in oil and gas drilling equipment, with CNY 821.37 million utilized in the reporting period[43]. - The company’s subsidiary, Suzhou Dawson Oil and Gas Engineering Co., Ltd., reported total assets of CNY 29,107,603.44 and a net profit of -CNY 1,082,281.61 for the first half of 2016[45]. - Suzhou Baoye Forging Co., Ltd. had total assets of CNY 253,296,347.55 and a net profit of -CNY 5,402,227.03 for the first half of 2016[46]. - Suzhou Dawson Valve Co., Ltd. reported total assets of CNY 110,593,218.00 and a net profit of -CNY 7,811,806.45 for the first half of 2016[46]. Cash Flow and Financial Position - As of June 30, 2016, the company had CNY 39,508.39 million of unutilized raised funds, with net income from bank deposits and investment products amounting to CNY 182.10 million after deducting bank fees[42]. - The total current assets amount to 821,697,182.82 RMB, a decrease from 898,389,244.84 RMB at the beginning of the period[78]. - The cash and cash equivalents decreased to 228,654,375.25 RMB from 602,353,079.42 RMB[78]. - The accounts receivable increased to 119,787,470.33 RMB from 102,327,081.68 RMB[78]. - The company reported a significant increase in prepayments to 48,771,423.52 RMB from 9,336,545.59 RMB[78]. Shareholder and Governance - The company announced a cash dividend distribution of ¥20.8 million (before tax), amounting to ¥1 per 10 shares, based on a total share capital of 208 million shares[50]. - The total number of shareholders at the end of the reporting period was 27,263[68]. - The company did not experience any changes in its total share capital structure during the reporting period[67]. - The board of directors held 3 meetings during the reporting period, ensuring compliance with relevant regulations[64]. - The company maintained a rigorous governance structure with 9 board members, including 3 independent directors[64]. Risk and Future Outlook - The report includes a risk statement highlighting uncertainties in future plans and strategies, advising investors to be cautious[4]. - The company anticipates a potential cumulative net loss for the year due to low global oil prices and insufficient demand in the oilfield services market, although the loss trend is expected to slow down[51]. Accounting Policies and Financial Reporting - The company prepares its financial statements based on the going concern assumption, adhering to the relevant accounting standards and regulations[109]. - The financial statements accurately reflect the company's financial position, operating results, changes in equity, and cash flows[112]. - The company's accounting year runs from January 1 to December 31, with a business cycle of 12 months[113][114]. - The company recognizes impairment losses for financial assets if there is objective evidence of impairment, with specific methods for different types of financial assets[131]. Inventory and Receivables - The ending balance of raw materials is CNY 83,625,748.76, with a provision for impairment of CNY 3,184,441.03, resulting in a net book value of CNY 80,441,307.73[196]. - The ending balance of inventory goods is CNY 62,398,037.38, with an impairment provision of CNY 247,888.28, leading to a net book value of CNY 62,150,149.10[196]. - The total inventory at the end of the period amounts to CNY 177,200,969.67, with an impairment provision of CNY 3,432,329.31, resulting in a net book value of CNY 173,768,640.36[196]. - The company’s accounts receivable at the end of the period amounted to RMB 127,371,406.37, with a provision for bad debts of RMB 7,583,936.04, representing a provision rate of approximately 5.95%[179].