Haixin Foods (SZ:002702)2018-07-30 16:00Financial Performance - The company's operating revenue for the first half of 2018 was ¥458,482,766.01, representing a 26.32% increase compared to ¥362,958,211.32 in the same period last year[20]. - The net profit attributable to shareholders of the listed company reached ¥10,461,760.62, a significant turnaround from a loss of ¥17,261,313.14 in the previous year, marking a 160.61% improvement[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥8,285,955.11, compared to a loss of ¥18,786,742.90 last year, reflecting a 144.11% increase[20]. - The net cash flow from operating activities was ¥25,548,357.56, a substantial recovery from a negative cash flow of ¥40,542,092.52 in the previous year, indicating a 163.02% improvement[20]. - Basic earnings per share were ¥0.0218, compared to a loss of ¥0.0359 per share in the same period last year, representing a 160.72% increase[20]. - The comprehensive gross profit margin improved to 32.52%, an increase of 3.52 percentage points year-on-year[37]. - The total production volume reached 34,715 tons, an increase of 5,818 tons or 20.18% from 28,887 tons in the same period last year[35]. - The company reported a total operating income of 140.37 million yuan and a net profit of 4.78 million yuan for Dongshan Tengxin[55]. - The company reported a total operating income of 21.47 million yuan for Zhoushan Tengxin, with a net loss of 1.28 million yuan[55]. - The company expects to turn a profit in the first nine months of 2018, projecting a net profit of 15 million yuan compared to a loss of 25.18 million yuan in the same period last year[63]. Assets and Liabilities - The total assets at the end of the reporting period were ¥951,674,652.63, down 11.39% from ¥1,074,053,968.12 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company increased to ¥780,905,905.49, a 1.39% rise from ¥770,193,941.68 at the end of the previous year[20]. - The company's total assets decreased to CNY 966,290,325.51 from CNY 1,033,130,042.47 at the beginning of the period, reflecting a decline of approximately 6.5%[125]. - The company's current assets decreased to RMB 540,504,694.64 from RMB 647,757,901.78, reflecting a decline of approximately 16.6%[119]. - Total liabilities decreased from RMB 303,860,026.44 to RMB 170,768,747.14, a reduction of about 43.7%[120]. - The company's equity attributable to shareholders increased slightly from RMB 770,193,941.68 to RMB 780,905,905.49, an increase of approximately 1.0%[121]. Investments and Capital Expenditures - The company invested over 2 million yuan in production automation and smart upgrades during the reporting period[35]. - The company’s investment activities resulted in a net cash outflow of ¥14,390,614.47, a decline of 225.69% compared to a net inflow of ¥11,449,502.75 in the previous year[40]. - The company reported a significant reduction in investment payments, totaling 389,000,000.00 CNY, down from 643,600,000.00 CNY in the previous period, reflecting a decrease of approximately 39.5%[140]. Market and Product Development - The company has established a new production project with an annual capacity of 30,000 tons of fish paste products and meat products[12]. - The company expanded its marketing efforts, participating in four major exhibitions and launching various promotional activities to enhance brand recognition[36]. - The company has established a nationwide marketing network with over 17,000 terminal outlets, including major retail chains and community convenience stores[31]. - The company focuses on product differentiation, particularly in high-end products, to avoid price wars in the mid-to-low-end market[31]. - The company developed 6 premium product series and 5 fish products, enhancing the product mix[37]. Risk Management and Compliance - The company faces risks related to food safety, raw material price fluctuations, and investment acquisitions, with strategies in place to mitigate these risks[64]. - The company did not report any significant environmental protection issues or major contracts during the reporting period[88][87]. - The financial report for the first half of 2018 was not audited[116]. Shareholder Information - The total number of shares decreased by 25,942,000, resulting in a new total of 480,760,000 shares[95]. - The number of restricted shares decreased by 46,979,500, while unrestricted shares increased by 21,037,500[95]. - The total number of shareholders at the end of the reporting period was 58,074[102]. - Teng Yongxiong holds 22,440,000 unrestricted shares, representing 18.67% of the total shares[103]. Accounting Policies - The company follows specific accounting policies for receivables, fixed assets, and revenue recognition, ensuring accurate financial reporting[157]. - The company utilizes RMB as its functional currency for accounting purposes, reflecting its operational base in China[161]. - The company employs a perpetual inventory system and uses a weighted average method for inventory valuation[185]. - The company recognizes impairment losses on inventory when the net realizable value is lower than the carrying amount, with provisions made accordingly[186].