登海种业(002041) - 2018 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 296,454,118.74, a decrease of 34.18% compared to CNY 450,387,883.73 in the same period last year[20]. - The net profit attributable to shareholders was CNY 33,837,345.96, down 72.12% from CNY 121,367,203.20 year-on-year[20]. - The net profit after deducting non-recurring gains and losses was CNY 34,290,303.38, a decline of 71.10% compared to CNY 118,631,054.11 in the previous year[20]. - The basic earnings per share decreased by 72.08% to CNY 0.0385 from CNY 0.1379 in the same period last year[20]. - The total operating revenue for the reporting period was CNY 296,454,118.74, representing a decrease of 34.18% compared to CNY 450,387,883.73 in the same period last year[49]. - The company's main business revenue fell to CNY 15,416.60 million, a decline of 48.39% compared to the previous year[43]. - The company's total equity decreased from ¥3,759,404,378.06 to ¥3,302,185,143.65, reflecting a decrease of approximately 12.2%[130]. - The company reported a comprehensive income of 13,217,334.84 CNY, contrasting with a loss of 20,620,011.12 CNY in the previous period, suggesting some recovery in profitability[155]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 3,725,320,901.19, a decrease of 16.21% from CNY 4,445,988,733.36 at the end of the previous year[20]. - The net assets attributable to shareholders were CNY 2,793,435,488.50, a slight decrease of 0.42% from CNY 2,805,358,142.54 at the end of the previous year[20]. - Total current assets decreased from ¥3,583,403,292.50 to ¥2,844,366,152.70, a decline of around 20.6%[128]. - Total liabilities decreased from ¥686,584,355.30 to ¥423,135,757.54, a decline of about 38.4%[129]. - The company's total equity increased from CNY 1,831,191,462.34 at the end of the previous year to CNY 3,759,404,378.06, marking a growth of approximately 105%[167]. Cash Flow - The net cash flow from operating activities was negative at CNY -205,378,406.88, compared to CNY -130,534,084.63 in the same period last year[20]. - The net cash flow from operating activities was -97,261,831.01 CNY, a significant decline compared to -10,767,052.00 CNY in the previous period, indicating a worsening operational cash flow situation[148]. - Cash and cash equivalents at the end of the period decreased to ¥216.43 million from ¥546.36 million, a decline of 60.5%[145]. - The total cash and cash equivalents at the end of the period decreased to 107,941,859.95 CNY from 441,589,311.30 CNY, showing a substantial drop in liquidity[149]. Investment and R&D - The company completed an investment of CNY 3,065.25 million in the high-tech research and development center, achieving 81.22% of the project progress[43]. - The company applied for 3 new plant variety rights in the first half of 2018, all related to corn varieties, bringing the total authorized plant variety rights to 118[44]. - The company reported an investment income of CNY 34,109,213.64, slightly down from CNY 35,106,358.94, indicating a decrease of about 2.8%[137]. - The company plans to focus on expanding its market presence and enhancing product development strategies moving forward[141]. Market and Competition - The decline in performance was primarily due to the reduction of corn planting areas in non-advantageous regions and increased market competition[34]. - The company's revenue from corn seed sales has been significantly impacted by high inventory levels and intense price competition in the market[43]. - The company is adapting its marketing strategy to cater to new customer groups such as large-scale farmers and agricultural cooperatives[33]. Corporate Governance - The company has 32 subsidiaries, including 23 joint ventures and 3 wholly-owned subsidiaries, indicating an expanding operational scale[79]. - The total number of ordinary shareholders at the end of the reporting period was 47,311[111]. - The largest shareholder, Laizhou Agricultural Academy, holds 53.19% of the shares, amounting to 468,108,155 shares[112]. Risk Factors - The seed industry faces risks including policy changes, natural disasters, and market competition, which may impact production and sales[6]. - The company is facing risks related to the promotion of new varieties, which have not yet been tested over a complete planting season[76]. - The company’s performance has been negatively impacted by a large inventory of corn seeds and intense price competition in the market[75]. Dividend Policy - The company plans not to distribute cash dividends or issue bonus shares[7]. - The company paid out 45,760,000.00 CNY in dividends, slightly lower than 49,280,000.00 CNY in the previous period, indicating a cautious approach to shareholder returns[148].