TSP(SZ:300129)2017-08-17 16:00Financial Performance - Total revenue for the first half of 2017 reached ¥716,509,833.32, representing a 33.22% increase compared to ¥537,841,876.92 in the same period last year[19]. - Net profit attributable to shareholders was ¥108,322,034.27, a slight increase of 1.34% from ¥106,884,662.21 year-on-year[19]. - Net profit after deducting non-recurring gains and losses decreased by 12.90% to ¥87,252,037.56 from ¥100,177,442.66 in the previous year[19]. - The basic earnings per share remained stable at ¥0.15, unchanged from the previous year[19]. - The weighted average return on net assets was 4.91%, a decrease of 0.39% from 5.30% in the previous year[19]. - The company reported a total revenue of RMB 716.51 million, an increase of RMB 178.67 million, representing a year-on-year growth of 33.22%[42]. - Revenue from onshore wind products reached RMB 535.19 million, a year-on-year increase of 16.27%[42]. - Revenue from offshore wind products surged to RMB 146.54 million, reflecting a remarkable year-on-year growth of 813.44%[42]. - The company reported a net profit attributable to shareholders of RMB 108.32 million, an increase of RMB 1.44 million, with a year-on-year growth of 1.34%[42]. - The company achieved a net profit forecast for 2015, 2016, and 2017 of 50 million, 60 million, and 72 million yuan respectively, with a commitment to compensate in shares if actual profits fall short[91]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥37,636,188.75, an improvement of 10.51% compared to -¥42,055,559.20 in the same period last year[19]. - The net cash generated from investment activities surged by 467.75% to ¥80,992,225.64, attributed to a significant increase in net redemptions of bank wealth management products compared to the same period last year[47]. - The company’s cash and cash equivalents increased significantly to ¥5,653,280.11 from a negative balance of ¥68,214,902.47 in the previous year, indicating improved liquidity[47]. - The company reported cash and cash equivalents at the end of the period amounting to CNY 203,124,496.10, up from CNY 74,654,904.87 at the end of the previous period[160]. - The net cash flow from investment activities was 57,307,796.79 CNY, a significant increase compared to 3,020,522.37 CNY in the previous period[163]. Investment and Capital Expenditure - The company has invested RMB 120.37 million in the "Heavy Equipment Industry Collaborative Technological Transformation Project," achieving a progress rate of 70.03%[43]. - The total investment during the reporting period was ¥338,141,290.44, a decrease of 54.06% compared to the previous year[55]. - The company has completed the investment plan for the Hami project and terminated the fundraising supervision agreement[63]. - The company plans to increase its investment in Canada Tian Sheng New Energy Co., Ltd. by $15,000,000 for the construction of a wind turbine tower production plant, equivalent to approximately ¥94,552,500[65]. - The company has a production capacity target of 800 sets of wind turbine tower flanges annually[62]. Risks and Challenges - The company faces risks including significant fluctuations in raw material prices and project delays, which may impact future performance[4]. - The company's net profit attributable to shareholders did not increase in line with revenue due to a significant decline in gross profit margin caused by rising raw material costs, particularly steel[26]. - The company anticipates delays in revenue generation from the Hulunbuir subsidiary due to local wind power consumption issues[62]. - The company is facing risks related to project delays in wind power and marine engineering due to high investment and long cycles, which may impact cash flow and operations[83]. - Currency fluctuations are becoming more significant as the company expands into offshore wind power and marine engineering, prompting the use of forward exchange contracts to mitigate risks[85]. Research and Development - The company has applied for and obtained a total of 93 patents, including 5 invention patents and 88 utility model patents, as of June 2017[33]. - The company initiated three new product R&D projects and continued two existing projects, with a total of 93 patents granted, including 5 invention patents[43]. - The company is investing in research and development to innovate new technologies that align with market demands[73]. - The company is exploring new technologies, with a budget allocation of 970 million for research and development initiatives[74]. Market and Business Strategy - The company reported a significant increase in overseas market and offshore wind power business orders, with a substantial rise compared to the same period last year[26]. - The offshore wind power sector is expected to grow significantly, with a target of 10 million kW of installed capacity by 2020 as per national policy[38]. - The company is actively developing the Yuhuan Dayuantou Mountain distributed wind power project, with various preliminary approvals completed[44]. - The company is pursuing military-civilian integration strategies, collaborating with Fengnian Capital to enhance resource sharing and industry experience[41][45]. - The company is exploring potential mergers and acquisitions to enhance its market position and drive future growth[73]. Shareholder and Governance - The company has established a consensus action agreement among shareholders to ensure unified voting on significant matters, enhancing governance and decision-making efficiency[92]. - The company is focused on maintaining financial integrity by ensuring no unauthorized use of company funds by its actual controllers[92]. - The company has committed to timely disclosure of any significant shareholder actions or agreements, ensuring compliance with securities regulations[92]. - The company has not violated any commitments regarding avoiding competition and has ensured that its controlled entities adhere to the same obligations[92]. Financial Reporting and Compliance - The company’s semi-annual financial report has not been audited[95]. - The company has not engaged in any derivative investments or entrusted loans during the reporting period, indicating a conservative financial strategy[77][78]. - The company’s financial statements are prepared based on the going concern principle, with no identified issues affecting its ability to continue operations[179]. - The company’s financial reports comply with the accounting standards issued by the Ministry of Finance and reflect its financial position accurately[180].